Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30Residential nursing care facilitiestruetruefalsetrue2023-07-01false9661falsetrue 11424796 2023-07-01 2024-06-30 11424796 2022-07-01 2023-06-30 11424796 2024-06-30 11424796 2023-06-30 11424796 2022-07-01 11424796 c:Director4 2023-07-01 2024-06-30 11424796 d:MotorVehicles 2023-07-01 2024-06-30 11424796 d:MotorVehicles 2024-06-30 11424796 d:MotorVehicles 2023-06-30 11424796 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11424796 d:FurnitureFittings 2023-07-01 2024-06-30 11424796 d:FurnitureFittings 2024-06-30 11424796 d:FurnitureFittings 2023-06-30 11424796 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11424796 d:OfficeEquipment 2023-07-01 2024-06-30 11424796 d:OfficeEquipment 2024-06-30 11424796 d:OfficeEquipment 2023-06-30 11424796 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11424796 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11424796 d:CurrentFinancialInstruments 2024-06-30 11424796 d:CurrentFinancialInstruments 2023-06-30 11424796 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11424796 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11424796 d:ShareCapital 2024-06-30 11424796 d:ShareCapital 2023-06-30 11424796 d:RetainedEarningsAccumulatedLosses 2024-06-30 11424796 d:RetainedEarningsAccumulatedLosses 2023-06-30 11424796 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11424796 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11424796 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 11424796 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 11424796 d:OtherDeferredTax 2024-06-30 11424796 d:OtherDeferredTax 2023-06-30 11424796 c:FRS102 2023-07-01 2024-06-30 11424796 c:Audited 2023-07-01 2024-06-30 11424796 c:FullAccounts 2023-07-01 2024-06-30 11424796 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11424796 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11424796 e:PoundSterling 2023-07-01 2024-06-30 11424796 d:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-07-01 2024-06-30 11424796 d:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 11424796
















WOODSTOWN HEALTHCARE LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024


































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WOODSTOWN HEALTHCARE LIMITED
REGISTERED NUMBER:11424796

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
95,232
73,141

  
95,232
73,141

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
1,399,929
460,161

Cash at bank and in hand
  
75,282
20,769

  
1,475,211
480,930

Creditors: amounts falling due within one year
 6 
(4,070,086)
(2,947,610)

NET CURRENT LIABILITIES
  
 
 
(2,594,875)
 
 
(2,466,680)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(2,499,643)
(2,393,539)

  

NET LIABILITIES
  
(2,499,643)
(2,393,539)


CAPITAL AND RESERVES
  

Called up share capital 
  
1
1

Profit and loss account
  
(2,499,644)
(2,393,540)

  
(2,499,643)
(2,393,539)


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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





A Norman
Director

Date: 25 July 2025

The notes on pages 2 to 10 form part of these financial statements.

Page 1


WOODSTOWN HEALTHCARE LIMITED

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

1.


GENERAL INFORMATION

Woodstown Healthcare Limited is a limited 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

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 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 2


WOODSTOWN HEALTHCARE LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

The company has made a loss of £150,354 (2023: £539,113) and has a deficit in shareholder's funds of £2,543,894 (2023: £2,393,540). 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. 
During the year Woodstown Healthcare Ltd continued to increase its operating capacity commensurate with its planned growth after opening. A care home must be appropriately resourced to accept residents, but residents move in on an incremental basis creating a lag in income relative to costs in the early periods of operation.
This revenue has continued to grow after the balance sheet date and the directors expect these streams to increase steadily with more patient capacity and is now profitable in 2024-25 on an ongoing basis.
The company therefore ultimately continues to rely on funding provided by its parent, Fairlie Holdings Limited and fellow subsidiaries.
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 Bank Limited (“the Cynergy borrowing group”) and the other of which has borrowings from Triodos (“the Triodos borrowing group”).  As disclosed in Note 8 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 £1,291,082 due to fellow subsidiaries which are members of the Cynergy borrowing group. 
The Company, its subsidiary and the wider Group are dependant upon the continued availability of these balances, and intercompany balances with the wider group, which the directors expect to be the case.  This is predicated on those companies continuing to trade.  Should that not be the case, the recoverability of balances receivable would become uncertain.  If repayment of the balances payable was sought the company would need to seek alternative sources of funding.  The availability of such funding would be 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.
Certain companies within the Triodos borrowing group have also received intercompany funding from companies within the Cynergy borrowing group.  Companies within the Triodos borrowing group are
Page 3


WOODSTOWN HEALTHCARE LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.3
GOING CONCERN (CONTINUED)

dependent upon the continued availability of these advances, which is in turn dependent upon the companies within the Cynergy borrowing group continuing as going concerns.  The directors expect this to be the case.
The directors confirm that the amounts owed to group undertakings of £3,379,973 (2023: £2,443,093) will not be sought for repayment for at least 12 months from the approval of the financial statements. 
The group has also made a provision that stands at £3,421,469  in respect of historic VAT liabilities identified in the year in fellow group companies. The directors consider that current group trading in 2025 is generating sufficient cash flows to allow the settlement of the provision for historic VAT liabilities, when it crystallises, within existing facilities and without undermining future compliance with covenants which this company is subject to as outlined above.
The directors therefore consider that the group is able to provide the support required for the company to continue to operate for a period of at least 12 months from the approval of the accounts and therefore 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

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4


WOODSTOWN HEALTHCARE LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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.

 
2.8

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.


No consideration has been paid in respect of group relief utilised throughout the group in the current or prior year.

 
2.9

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.

Page 5


WOODSTOWN HEALTHCARE LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.9
TANGIBLE FIXED ASSETS (CONTINUED)

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:

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6


WOODSTOWN HEALTHCARE LIMITED

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

3.


EMPLOYEES

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


        2024
        2023
            No.
            No.







Management
2
2



Nursing and care Staff
94
59

96
61


4.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
-
121,693
20,050
141,743


Additions
50,394
20,212
273
70,879



At 30 June 2024

50,394
141,905
20,323
212,622



DEPRECIATION


At 1 July 2023
-
58,204
10,398
68,602


Charge for the year on owned assets
8,399
34,884
5,505
48,788



At 30 June 2024

8,399
93,088
15,903
117,390



NET BOOK VALUE



At 30 June 2024
41,995
48,817
4,420
95,232



At 30 June 2023
-
63,489
9,652
73,141

Page 7


WOODSTOWN HEALTHCARE LIMITED

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

5.


DEBTORS

2024
2023
£
£


Trade debtors
438,917
107,898

Amounts owed by group undertakings
288,074
48,000

Other debtors
10,820
7,104

Prepayments and accrued income
604,095
233,903

Deferred taxation
58,023
63,256

1,399,929
460,161


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


6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
45,008
83,040

Amounts owed to group undertakings
3,307,919
2,443,093

Other taxation and social security
152,580
178,793

Other creditors
169,787
13,556

Accruals and deferred income
394,792
229,128

4,070,086
2,947,610


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

Page 8


WOODSTOWN HEALTHCARE LIMITED

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

7.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
63,256
38,178


Charged to profit or loss
-
25,078


Utilised in year
(5,233)
-



AT END OF YEAR
58,023
63,256

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(21,453)
(14,091)

Tax losses carried forward
74,724
74,725

Short term timing differences
4,752
2,622

58,023
63,256


8.


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 92 Higher Drive Limited, and Abercorn House Healthcare Limited fellow group companies, on loans totalling £17,647,380 (2023: £17,841,546).


9.


PENSION COMMITMENTS

The company operates a defined contribution 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 £101,533 (2023: £60,379). Contributions totalling £19,005 (2023: £10,659) were payable to the fund at the reporting date.


10.


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. 


11.


CONTROLLING PARTY

The immediate parent undertaking of the company is Woodstown House Property 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 9


WOODSTOWN HEALTHCARE LIMITED

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

12.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
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.
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. 
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 opinion is not modified in respect of this matter. 

The audit report was signed on 28 July 2025 by Nathan Coughlin FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 10