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REGISTERED NUMBER: 03227281 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

OLDERCARE (HASLEMERE) LIMITED

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


OLDERCARE (HASLEMERE) LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTORS: R J F WHITE
J M RANDALL
F S N WHITE
H R McHUGH





REGISTERED OFFICE: Rosemary Park Nursing Home
Marley Lane
Marley Common
Haslemere
Surrey
GU27 3PX





REGISTERED NUMBER: 03227281 (England and Wales)





AUDITORS: AUDIT NETWORK LIMITED
Chartered Accountants & Statutory Auditors
23 Mountside
Stanmore
Middlesex
HA7 2DS

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company and the group are as shown in the annexed financial statements.

The directors consider that the results for the year and the financial position of the group at the end of the year to be satisfactory.

The additional unit that was completed in 2019 is now near full occupancy and contributing greatly to the group's
profitability. Despite reorganisation and refurbishments of the older units, there was an increase in overall occupancy levels and fee incomes.

Staff costs and other overheads were kept under control resulting in improved overall profitability.

The occupancy levels and fee income within all units are expected to improve in the coming year. This should improve profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
Majority of the times the trading companies within the group enjoy a healthy waiting list for any beds that become vacant but maintaining that in the face of competition in the market place and reducing the lead time is always challenging.

Increasing staff costs and the resistance from NHS and local health authorities to increase the bed fees are the principal risks facing the group.


OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Group Strategic Report
for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT
The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:

- Likely consequences of any decision in the long term
- Interests of the company's employees
- Need to foster the company's business relationships with suppliers, customers and others
- Impact of the company's operations on the community and the environment
- Desirability of the company maintaining a reputation for high standards of business conduct
- Need to act fairly as between members of the company

The Directors’ regard to these matters is embedded in their decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes.

The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. The Board also identifies principal risks facing the business and sets risk management objectives.

The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Board ensures these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training programmes and its risk control and oversight framework.

The Board recognizes that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business.

The Directors are supported in the discharge of their duties by:

- A director training programme to further their understanding of their duties and obligations under applicable law and regulation
- Processes which ensure the provision of timely management information and escalation through reporting lines to the Board from the Company’s business areas, its risk and control functions, support teams and committees of the Board

Stakeholders

The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company.

The Board regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and its shareholder, which it takes into account in its discussions and in its decision-making process.

In addition to this, the Board seeks to understand the interests and views of the Company’s stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:

Employees

Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team’s productivity and our individual employees’ potential within the business.

We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation. Our employee appraisal programme encourages employee feedback and facilities the opportunity for both employees and managers to set performance goals on an annual basis. We work hard to ensure employees feel welcome and are valued and recognized for their hard work.

Clients

Clients are at the centre of our business.

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Group Strategic Report
for the Year Ended 31 December 2024


Our client service teams build lasting relationships with current and potential clients to understand their objectives and requirements. We are in regular contact with clients in order to meet their service requirements. This includes face to face meetings depending on client preferences. We take a consultative approach with clients focused on building long-term relationships

Suppliers

We work with a wide range of suppliers mainly in the UK. We remain committed to being fair and transparent in our dealings with all of our suppliers.

The Company has systems and processes in place to ensure suppliers are paid in a timely manner.

Community and Environment

The Board’s approach to social responsibility, diversity and community is of high importance.

Corporate social responsibility principles are part of our culture and decision making process. We take a consultative approach focused on building long-term relationships and solving business problems.

Regulators

We work with our regulators in an open and proactive manner to help develop regulations that meet the needs of all our stakeholders.

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

We have a risk and control framework to ensure that the Company complies with all legal and regulatory requirements relating to the provision of services to our clients.

Shareholders

The Board also seeks to behave in a responsible manner towards the shareholders. The Board communicates information relevant to the shareholders, such as its financial reporting.

BUSINESS PERFORMANCE
The directors consider that the key financial performance indicators that communicate the financial performance and strength of the group as a whole are turnover, staff costs, profit before tax, total shareholders' funds and net cash inflow/(outflow). These were as follows:

- Turnover £30,975,878 (2023: £26,738,064) - increased by 15.8%
- Staff costs £18,715,651 (2023: £17,135,866) - increased by 9.2%
- Profit before tax £2,474,654 (2023: £304,068) - increased by £2,170,586*
- Total shareholders' funds £19,163,989 (2023: £19,824,567) - decreased by 3.3%
- Net cash inflow/(outflow) £2,225,634) (2023: £(4,966,145)) - improved by £7,191,779**

*Full amortisation of goodwill arising on consolidation from the acquisition of shares in Coombe Healthcare Ltd was a major contributor to the fall in profits in 2023.

**Repayment of all the bank loans resulted in a net cash outflow in 2023.


OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Group Strategic Report
for the Year Ended 31 December 2024

FINANCIAL INSTRUMENTS
The trading companies within the group have a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are for the most part conducted in sterling.

ON BEHALF OF THE BOARD:





F S N WHITE - Director


22 July 2025

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Report of the Directors
for the Year Ended 31 December 2024

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

DIVIDENDS
An interim dividend averaging £92.78 per share on the 'B' Ordinary £1 shares was paid during the year. The directors recommend that no final dividend be paid on these shares.

'A' Ordinary shares are not entitled to dividends.

The total distribution of dividends for the year ended 31 December 2024 will be £900,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R J F WHITE
J M RANDALL
F S N WHITE
H R McHUGH

GROUP'S POLICY IN RESPECT OF EMPLOYEES
A part of our employment policy we do not discriminates by age or ability and will make reasonable adjustments to support disabled or older job applicants and employees. This means ensuring disabled and older people can overcome any substantial disadvantages they may have in doing their jobs and progressing in the work-place. We are an inclusive group and value the opinions, ideas and criticisms that may emanate from any staff member and works hard to ensure that the workforce is well informed at all times.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditors, AUDIT NETWORK LIMITED, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F S N WHITE - Director


22 July 2025

Report of the Independent Auditors to the Members of
OLDERCARE (HASLEMERE) LIMITED

Opinion
We have audited the financial statements of OLDERCARE (HASLEMERE) LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2024 and of the group's 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 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
OLDERCARE (HASLEMERE) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 six, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and various taxes Acts.

We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements and the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
OLDERCARE (HASLEMERE) LIMITED


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 a Report of the Auditors 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.




KIAN DADFARMA (Senior Statutory Auditor)
for and on behalf of AUDIT NETWORK LIMITED
Chartered Accountants & Statutory Auditors
23 Mountside
Stanmore
Middlesex
HA7 2DS

22 July 2025

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Consolidated Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 30,990,253 26,738,064

Cost of sales 15,586,729 13,453,150
GROSS PROFIT 15,403,524 13,284,914

Administrative expenses 13,107,847 13,026,675
2,295,677 258,239

Other operating income 181,220 202,941
OPERATING PROFIT 5 2,476,897 461,180

Interest receivable and similar income 17,562 5,896
2,494,459 467,076

Interest payable and similar expenses 6 5,430 163,008
PROFIT BEFORE TAXATION 2,489,029 304,068

Tax on profit 7 1,339,080 748,814
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,149,949

(444,746

)
Profit/(loss) attributable to:
Owners of the parent 1,165,658 (452,232 )
Non-controlling interests (15,709 ) 7,486
1,149,949 (444,746 )

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,149,949 (444,746 )


OTHER COMPREHENSIVE INCOME
Non-controlling interest acquired 894,189 891,693
Purchase of own shares (1,808,400 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(914,211

)

891,693
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

235,738
Prior year adjustment (3,566,775 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(3,119,828

)

Total comprehensive income attributable to:
Owners of the parent 1,135,636 (2,250,621 )
Non-controlling interests (899,898 ) (869,207 )
235,738 (3,119,828 )

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Consolidated Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 19,520,466 19,978,367
Investments 13 - -
19,520,466 19,978,367

CURRENT ASSETS
Debtors 14 1,419,854 1,796,674
Cash at bank and in hand 8,525,894 6,300,260
9,945,748 8,096,934
CREDITORS
Amounts falling due within one year 15 7,750,838 4,795,125
NET CURRENT ASSETS 2,194,910 3,301,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,715,376

23,280,176

CREDITORS
Amounts falling due after more than one
year

16

(36,230

)

(51,100

)

PROVISIONS FOR LIABILITIES 18 (721,062 ) (706,941 )
NET ASSETS 20,958,084 22,522,135

CAPITAL AND RESERVES
Called up share capital 19 19,400 20,000
Retained earnings 20 19,156,014 19,804,567
SHAREHOLDERS' FUNDS 19,175,414 19,824,567

NON-CONTROLLING INTERESTS 21 1,782,670 2,697,568
TOTAL EQUITY 20,958,084 22,522,135

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





F S N WHITE - Director


OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Company Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 9,085,534 9,421,944
Investments 13 9,172,175 6,659,675
18,257,709 16,081,619

CURRENT ASSETS
Debtors 14 1,102,476 1,103,772
Cash at bank and in hand 5,879,586 2,339,374
6,982,062 3,443,146
CREDITORS
Amounts falling due within one year 15 9,799,887 5,713,105
NET CURRENT LIABILITIES (2,817,825 ) (2,269,959 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,439,884

13,811,660

CREDITORS
Amounts falling due after more than one
year

16

(36,230

)

(51,100

)

PROVISIONS FOR LIABILITIES 18 (374,070 ) (388,541 )
NET ASSETS 15,029,584 13,372,019

CAPITAL AND RESERVES
Called up share capital 19 19,400 20,000
Retained earnings 20 15,010,184 13,352,019
SHAREHOLDERS' FUNDS 15,029,584 13,372,019

Company's profit for the financial year 4,366,565 2,981,971

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





F S N WHITE - Director


OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2023 20,000 23,831,881 23,851,881 3,566,775 27,418,656
Prior year adjustment - (3,566,775 ) (3,566,775 ) - (3,566,775 )
As restated 20,000 20,265,106 20,285,106 3,566,775 23,851,881

Changes in equity
Dividends - (900,000 ) (900,000 ) - (900,000 )
Total comprehensive income - 439,461 439,461 (869,207 ) (429,746 )
Balance at 31 December 2023 20,000 19,804,567 19,824,567 2,697,568 22,522,135

Changes in equity
Issue of share capital (600 ) - (600 ) - (600 )
Dividends - (900,000 ) (900,000 ) - (900,000 )
Total comprehensive income - 251,447 251,447 (899,898 ) (648,451 )
Balance at 31 December 2024 19,400 19,156,014 19,175,414 1,797,670 20,973,084

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 20,000 11,270,048 11,290,048

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 2,981,971 2,981,971
Balance at 31 December 2023 20,000 13,352,019 13,372,019

Changes in equity
Issue of share capital (600 ) - (600 )
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 2,558,165 2,558,165
Balance at 31 December 2024 19,400 15,010,184 15,029,584

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,248,315 4,238,422
Interest paid (5,430 ) (163,008 )
Tax paid (753,494 ) (1,020,507 )
Net cash from operating activities 5,489,391 3,054,907

Cash flows from investing activities
Purchase of intangible fixed assets (2,507,500 ) (2,507,500 )
Purchase of tangible fixed assets (384,837 ) (344,669 )
Sale of tangible fixed assets 6,589 6,250
Interest received 17,562 5,896
Net cash from investing activities (2,868,186 ) (2,840,023 )

Cash flows from financing activities
Loan repayments in year - (4,592,981 )
HP contracts (14,870 ) (13,761 )
Amount withdrawn by directors 2,333,299 330,713
Share issue (600 ) -
Share buyback (1,808,400 ) -
Minority interest acquired (5,000 ) (5,000 )
Equity dividends paid (900,000 ) (900,000 )
Net cash from financing activities (395,571 ) (5,181,029 )

Increase/(decrease) in cash and cash equivalents 2,225,634 (4,966,145 )
Cash and cash equivalents at beginning of
year

2

6,300,260

11,266,405

Cash and cash equivalents at end of year 2 8,525,894 6,300,260

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 2,489,029 304,068
Depreciation charges 3,340,992 3,352,551
Loss/(profit) on disposal of fixed assets 2,657 (4,197 )
Finance costs 5,430 163,008
Finance income (17,562 ) (5,896 )
5,820,546 3,809,534
Decrease in trade and other debtors 376,820 100,347
Increase in trade and other creditors 50,949 328,541
Cash generated from operations 6,248,315 4,238,422

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 8,525,894 6,300,260
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 6,300,260 11,266,405


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 6,300,260 2,225,634 8,525,894
6,300,260 2,225,634 8,525,894
Debt
Finance leases (71,054 ) 14,870 (56,184 )
(71,054 ) 14,870 (56,184 )
Total 6,229,206 2,240,504 8,469,710

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

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

1. STATUTORY INFORMATION

OLDERCARE (HASLEMERE) LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company. The financial statements of subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting year as the Company. The results of the related company has been accounted for under the Equity Method.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include:
- Useful life of fixed assets and depreciation rates
- Fair value of assets
- Recoverability of debts

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. Care fees are recognised in the period in which they are receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

The above goodwill as well as those arising on consolidation are now fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land & property - 2% on cost
Freehold buildings - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance and 2% on cost
Motor vehicles - 25% on reducing balance and 15% on reducing balance

Land has not been depreciated.

Financial instruments
Financial instruments are recognised at fair value with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.


OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

Turnover represents rendering services of a psychiatric hospital and a care home facility within the UK.

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 16,824,699 15,388,160
Social security costs 1,619,721 1,495,466
Other pension costs 271,231 252,240
18,715,651 17,135,866

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23

Administration 35 35
Nursing 400 355
435 390

31.12.24 31.12.23
£    £   
Directors' remuneration 370,000 397,474

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 137,500 200,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Depreciation - owned assets 817,589 823,845
Depreciation - assets on hire purchase contracts 15,903 21,205
Loss/(profit) on disposal of fixed assets 2,657 (4,197 )
Goodwill amortisation 2,507,500 2,507,500
Auditors remuneration 17,000 16,300

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest - 147,903
Other interest (240 ) 9,467
Hire purchase 5,670 5,638
5,430 163,008

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 1,324,959 742,980

Deferred tax:
Accelerated capital allowances 14,121 5,834
Tax on profit 1,339,080 748,814

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 2,489,029 304,068
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.640 %)

622,257

71,882

Effects of:
Income not taxable for tax purposes (11,834 ) (9,964 )
Depreciation in excess of capital allowances 79,620 80,462
Adjustments to tax charge in respect of previous periods (5,633 ) (5,570 )
Deferred tax 14,121 5,834
Tax on goodwill on consolidation write-off 626,875 589,764
Notional tax on French subsidiary's losses 13,674 16,406
Total tax charge 1,339,080 748,814

Tax effects relating to effects of other comprehensive income

31.12.24
Gross Tax Net
£    £    £   
Non-controlling interest acquired 894,189 - 894,189
Purchase of own shares (1,808,400 ) - (1,808,400 )
(914,211 ) - (914,211 )

31.12.23
Gross Tax Net
£    £    £   
Non-controlling interest acquired 891,693 - 891,693

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.12.24 31.12.23
£    £   
'B' Ordinary shares of £1 each
Interim 900,000 900,000

10. PRIOR YEAR ADJUSTMENT

This represented an uplift of 40% of total equity, in the non-controlling interest in Coombe Healthcare Ltd, in 2022.

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024 9,257,442
Additions 2,507,500
At 31 December 2024 11,764,942
AMORTISATION
At 1 January 2024 9,257,442
Amortisation for year 2,507,500
At 31 December 2024 11,764,942
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Company
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 4,800,000
AMORTISATION
At 1 January 2024
and 31 December 2024 4,800,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS

Group
Freehold Improvements
land & Freehold to
property buildings property
£    £    £   
COST
At 1 January 2024 7,175,411 882,450 11,932,120
Additions - - -
Disposals - - -
At 31 December 2024 7,175,411 882,450 11,932,120
DEPRECIATION
At 1 January 2024 983,710 339,140 2,711,833
Charge for year 118,024 17,649 238,642
Eliminated on disposal - - -
At 31 December 2024 1,101,734 356,789 2,950,475
NET BOOK VALUE
At 31 December 2024 6,073,677 525,661 8,981,645
At 31 December 2023 6,191,701 543,310 9,220,287

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 75,785 8,998,705 250,641 29,315,112
Additions - 360,440 24,397 384,837
Disposals - - (66,463 ) (66,463 )
At 31 December 2024 75,785 9,359,145 208,575 29,633,486
DEPRECIATION
At 1 January 2024 64,513 5,107,316 130,233 9,336,745
Charge for year 1,127 424,160 33,890 833,492
Eliminated on disposal - - (57,217 ) (57,217 )
At 31 December 2024 65,640 5,531,476 106,906 10,113,020
NET BOOK VALUE
At 31 December 2024 10,145 3,827,669 101,669 19,520,466
At 31 December 2023 11,272 3,891,389 120,408 19,978,367

Included in cost of land and buildings is freehold land of £594,336 (2023 - £594,336) which is not depreciated.

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 84,816
DEPRECIATION
At 1 January 2024 21,205
Charge for year 15,903
At 31 December 2024 37,108
NET BOOK VALUE
At 31 December 2024 47,708
At 31 December 2023 63,611

Company
Freehold Improvements Fixtures
land & to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 2,221,813 8,088,233 6,206,940 167,502 16,684,488
Additions - - 213,940 12,699 226,639
Disposals - - - (34,633 ) (34,633 )
At 31 December 2024 2,221,813 8,088,233 6,420,880 145,568 16,876,494
DEPRECIATION
At 1 January 2024 615,765 2,329,448 4,233,644 83,687 7,262,544
Charge for year 44,435 161,765 328,085 22,583 556,868
Eliminated on disposal - - - (28,452 ) (28,452 )
At 31 December 2024 660,200 2,491,213 4,561,729 77,818 7,790,960
NET BOOK VALUE
At 31 December 2024 1,561,613 5,597,020 1,859,151 67,750 9,085,534
At 31 December 2023 1,606,048 5,758,785 1,973,296 83,815 9,421,944

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 84,816
DEPRECIATION
At 1 January 2024 21,205
Charge for year 15,903
At 31 December 2024 37,108
NET BOOK VALUE
At 31 December 2024 47,708
At 31 December 2023 63,611

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2024 6,659,675
Additions 2,512,500
At 31 December 2024 9,172,175
NET BOOK VALUE
At 31 December 2024 9,172,175
At 31 December 2023 6,659,675

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Coombe Healthcare Ltd
Registered office: Marley Lane, Haslemere, Surrey GU27 3PX
Nature of business: Property rental
%
Class of shares: holding
Ordinary 80.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 8,913,344 8,991,889
(Loss)/profit for the year (78,545 ) 24,954

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

13. FIXED ASSET INVESTMENTS - continued

SARL La Chatelleraie
Registered office: La Deveze, 15600 Saint Etienne de Maurs, France
Nature of business: Hotel (Dissolved)
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves - 54,696
Loss for the year - (69,755 )

St Magnus House Limited
Registered office: Marley Lane, Haslemere, Surrey GU27 3PX
Nature of business: Hospital
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 4,586,559 5,152,816
Loss for the year (566,257 ) (864,298 )

Overton Farm (Lymington) Ltd
Registered office: Marley Lane, Haslemere, Surrey GU27 3PX
Nature of business: Rental & livery
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 833,918 843,536
Loss for the year (9,618 ) (10,119 )


14. DEBTORS

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,141,705 1,652,486 792,008 1,001,846
Amounts owed by group undertakings - - 81,816 30,786
Other debtors 27,649 42,982 11,652 5,152
Prepayments 100,500 101,206 67,000 65,988
1,269,854 1,796,674 952,476 1,103,772

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

14. DEBTORS - continued

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 150,000 - 150,000 -

Aggregate amounts 1,419,854 1,796,674 1,102,476 1,103,772

Amounts falling due after more than one year represent a secured loan to a related party, repayable over 15 years with interest chargeable at a rate of 4% per annum.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Hire purchase contracts (see note 17) 19,954 19,954 19,954 19,954
Trade creditors 2,439,437 2,639,753 1,167,700 1,397,563
Amounts owed to group undertakings - - 3,665,769 2,564,894
Tax 1,329,495 758,030 1,309,842 699,367
Social security and other taxes 378,902 165,972 241,335 5,472
Other creditors 22,600 22,600 22,600 22,600
Pension contributions 50,628 95,730 34,078 62,516
Directors' current accounts 2,951,788 618,489 2,951,788 618,489
Accrued expenses 558,034 474,597 386,821 322,250
7,750,838 4,795,125 9,799,887 5,713,105

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Hire purchase contracts (see note 17) 36,230 51,100 36,230 51,100

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 19,954 19,954
Between one and five years 36,230 51,100
56,184 71,054

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 19,954 19,954
Between one and five years 36,230 51,100
56,184 71,054

18. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 721,062 706,941 374,070 388,541

Group
Deferred
tax
£   
Balance at 1 January 2024 706,941
Accelerated capital allowances 14,121
Balance at 31 December 2024 721,062

Company
Deferred
tax
£   
Balance at 1 January 2024 388,541
Accelerated capital allowances (14,471 )
Balance at 31 December 2024 374,070

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: as restated
£    £   
10,000 'A' Ordinary £1 9,700 10,000
10,000 'B' Ordinary £1 9,700 10,000
19,400 20,000

OLDERCARE (HASLEMERE) LIMITED (Registered number: 03227281)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

20. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 19,804,567
Profit for the year 1,165,658
Dividends (900,000 )
Purchase of own shares (1,808,400 )
Non-controlling interest
acquired 894,189
At 31 December 2024 19,156,014

Company
Retained
earnings
£   

At 1 January 2024 13,352,019
Profit for the year 4,366,565
Dividends (900,000 )
Purchase of own shares (1,808,400 )
At 31 December 2024 15,010,184


21. NON-CONTROLLING INTERESTS

This is in respect of shares held in Coombe Healthcare Ltd by R White.

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.