Company registration number 02783407 (England and Wales)
ROTHERHAM HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ROTHERHAM HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
Mrs G J Oliver
Mr T J Payne
Secretary
Mr T J Payne
Company number
02783407
Registered office
The Star Foundation
Astrum House
Nightingale Close
Rotherham
South Yorkshire
S60 2AB
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Bankers
Santander Corporate Bank PLC
1st Floor Telegraph House
High Street
Sheffield
S1 2AN
NatWest Bank Plc
Parklands
De Havilland Way
Horwich
Bolton
BL6 4YU
ROTHERHAM HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
ROTHERHAM HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
Turnover has increased this year by 18.1% to £7,259,097.00
Principal risks and uncertainties
Risk Management
The company's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loan facilities to the company. The main purpose of these instruments is to raise funds and finance the company operations.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Key performance indicators
The key financial highlights are as follows:-
2024 2023 2022 2021
£ £ £ £
Turnover 7,259,097 6,153,498 5,168,830 3,629,785
Turnover growth (percent) 18.0 19.1 42.4 (29.2)
Gross profit margin (percent) 96.5 96.9 96.2 95.6
Profit/(loss) before tax 1,901,552 1,163,698 927,531 (139,369)
Mr T J Payne
Director
29 July 2025
ROTHERHAM HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company is the provision of a specialist residential care facility.
Results and dividends
The results for the year are set out on page 7.
The profit for the year after taxation was £1,418,938
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs G J Oliver
Mr T J Payne
Auditor
The auditor, GBAC Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
To the knowledge and belief of the directors, there is no relevant information that the company's auditor is not aware of, and the directors have taken all the steps necessary to ensure the directors are aware of any relevant information, and to establish that the company's auditor is aware of the information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr T J Payne
Director
29 July 2025
ROTHERHAM HEALTHCARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ROTHERHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROTHERHAM HEALTHCARE LIMITED
- 4 -
Opinion
We have audited the financial statements of Rotherham Healthcare Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
ROTHERHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ROTHERHAM HEALTHCARE LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we determined the principle laws and regulations applicable to the company through discussions with management and directors, and from our knowledge of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company including, Companies Act 2006, local tax laws and regulations, Anti Money Laundering Legislation, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
ROTHERHAM HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ROTHERHAM HEALTHCARE LIMITED
- 6 -
To address the risks of fraud through management bias and override controls, we;
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part of our auditors' report.
Mrs Pamela Anne Parker (Senior Statutory Auditor)
For and on behalf of GBAC Limited
29 July 2025
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
ROTHERHAM HEALTHCARE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
7,259,097
6,153,498
Cost of sales
(253,772)
(217,475)
Gross profit
7,005,325
5,936,023
Administrative expenses
(4,901,877)
(4,567,932)
Operating profit
4
2,103,448
1,368,091
Investment income
7
35
Finance costs
8
(201,931)
(204,393)
Profit before taxation
1,901,552
1,163,698
Tax on profit
9
(482,614)
(273,757)
Profit for the financial year
1,418,938
889,941
The income statement has been prepared on the basis that all operations are continuing operations.
ROTHERHAM HEALTHCARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
1,418,938
889,941
Other comprehensive income
-
-
Total comprehensive income for the year
1,418,938
889,941
ROTHERHAM HEALTHCARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
3,750,549
3,910,137
Current assets
Trade and other receivables
12
1,094,599
1,236,650
Cash and cash equivalents
1,863,168
1,023,684
2,957,767
2,260,334
Current liabilities
13
(3,615,547)
(832,113)
Net current (liabilities)/assets
(657,780)
1,428,221
Total assets less current liabilities
3,092,769
5,338,358
Non-current liabilities
14
-
(2,773,684)
Provisions for liabilities
Deferred tax liability
16
30,843
-
(30,843)
Net assets
3,092,769
2,533,831
Equity
Called up share capital
18
150,000
150,000
Retained earnings
2,942,769
2,383,831
Total equity
3,092,769
2,533,831
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
Mr T J Payne
Director
Company registration number 02783407 (England and Wales)
ROTHERHAM HEALTHCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
150,000
1,949,890
2,099,890
Year ended 31 December 2023:
Profit and total comprehensive income
-
889,941
889,941
Dividends
10
-
(456,000)
(456,000)
Balance at 31 December 2023
150,000
2,383,831
2,533,831
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,418,938
1,418,938
Dividends
10
-
(860,000)
(860,000)
Balance at 31 December 2024
150,000
2,942,769
3,092,769
ROTHERHAM HEALTHCARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,261,555
1,316,619
Interest paid
(201,931)
(204,393)
Income taxes paid
(267,765)
(201,714)
Net cash inflow from operating activities
1,791,859
910,512
Investing activities
Purchase of property, plant and equipment
(23,421)
(174,859)
Proceeds from disposal of property, plant and equipment
450
82,117
Loans made to directors
(156,923)
Repayment of loans
156,923
Interest received
35
Net cash generated from/(used in) investing activities
133,987
(249,665)
Financing activities
Repayment of bank loans
(226,362)
(221,043)
Dividends paid
(860,000)
(456,000)
Net cash used in financing activities
(1,086,362)
(677,043)
Net increase/(decrease) in cash and cash equivalents
839,484
(16,196)
Cash and cash equivalents at beginning of year
1,023,684
1,039,880
Cash and cash equivalents at end of year
1,863,168
1,023,684
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Rotherham Healthcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Star Foundation, Astrum House, Nightingale Close, Rotherham, South Yorkshire, S60 2AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Turnover represents amounts receivable in relation to the provision of residential care facilities.
Revenue is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
2% straight line
Plant and equipment
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 from providing details of related party transactions with group companies that are incorporated within the financial statements of the group.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
An analysis of the company's revenue is as follows:
2024
2023
£
£
Revenue analysed by class of business
Care fees
7,259,097
6,153,498
2024
2023
£
£
Revenue analysed by geographical market
UK
7,259,097
6,153,498
2024
2023
£
£
Other revenue
Interest income
35
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,500
13,700
Depreciation of owned property, plant and equipment
182,921
169,528
Profit on disposal of property, plant and equipment
(362)
(43,477)
Operating lease charges
5,812
5,095
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and management
16
18
Other
135
126
Total
151
144
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,648,861
3,535,961
Social security costs
273,425
231,456
Pension costs
76,221
73,314
3,998,507
3,840,731
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
18,192
18,192
7
Investment income
2024
2023
£
£
Interest income
Other interest income
35
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
201,928
203,443
Other finance costs:
Other interest
3
950
201,931
204,393
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
513,457
267,765
Deferred tax
Origination and reversal of timing differences
(30,843)
5,992
Total tax charge
482,614
273,757
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,901,552
1,163,698
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
475,388
290,925
Tax effect of expenses that are not deductible in determining taxable profit
585
3
Effect of change in corporation tax rate
(16,843)
Permanent capital allowances in excess of depreciation
37,484
(6,320)
Deferred tax movements
(30,843)
5,992
Tax expense for the year
482,614
273,757
10
Dividends
2024
2023
£
£
Interim paid
860,000
456,000
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Property, plant and equipment
Freehold buildings
Plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
4,817,159
478,747
380,613
138,095
343,467
6,158,081
Additions
7,796
2,255
13,370
23,421
Disposals
(1,200)
(104,978)
(106,178)
At 31 December 2024
4,817,159
486,543
381,668
46,487
343,467
6,075,324
Depreciation and impairment
At 1 January 2024
1,282,652
392,165
313,609
126,175
133,343
2,247,944
Depreciation charged in the year
91,343
17,843
13,514
7,690
52,531
182,921
Eliminated in respect of disposals
(1,112)
(104,978)
(106,090)
At 31 December 2024
1,373,995
410,008
326,011
28,887
185,874
2,324,775
Carrying amount
At 31 December 2024
3,443,164
76,535
55,657
17,600
157,593
3,750,549
At 31 December 2023
3,534,507
86,583
67,004
11,920
210,123
3,910,137
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
213,290
258,280
Other receivables
788,712
923,811
Prepayments and accrued income
92,597
54,559
1,094,599
1,236,650
13
Current liabilities
2024
2023
Notes
£
£
Bank loans
15
2,773,684
226,362
Trade payables
48,539
66,060
Corporation tax
513,457
267,765
Other taxation and social security
67,069
64,281
Other payables
154,723
147,234
Accruals and deferred income
58,075
60,411
3,615,547
832,113
14
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
15
2,773,684
15
Borrowings
2024
2023
£
£
Bank loans
2,773,684
3,000,046
Payable within one year
2,773,684
226,362
Payable after one year
2,773,684
The long-term loans are secured by a debenture over the assets of the company and by a bank guarantee provided by the directors.
The bank loan is a 10 year loan but is based upon a 20 year repayment profile. Interest is charged at 1.9% plus SONIA per annum.
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
-
30,843
2024
Movements in the year:
£
Liability at 1 January 2024
30,843
Credit to profit or loss
(30,843)
Liability at 31 December 2024
-
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,221
73,314
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100,000
100,000
100,000
100,000
Ordinary B shares of £1 each
50,000
50,000
50,000
50,000
150,000
150,000
150,000
150,000
19
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
11,197
42
Other related parties
888
841
ROTHERHAM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Related party transactions
(Continued)
- 22 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
759,938
759,938
Other related parties
8,300
-
20
Ultimate controlling party
The immediate and ultimate parent undertaking is Rotherham Healthcare Holdings Limited, which prepares group financial statements. The registered office is The Star Foundation, Astrum House, Nightingale Close, Rotherham, South Yorkshire, S60 2AB.
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,418,938
889,941
Adjustments for:
Taxation charged
482,614
273,757
Finance costs
201,931
204,393
Investment income
(35)
Gain on disposal of property, plant and equipment
(362)
(43,477)
Depreciation and impairment of property, plant and equipment
182,921
169,528
Movements in working capital:
(Increase) in trade and other receivables
(14,872)
(139,639)
(Decrease) in trade and other payables
(9,580)
(37,884)
Cash generated from operations
2,261,555
1,316,619
22
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,023,684
839,484
1,863,168
Borrowings excluding overdrafts
(3,000,046)
226,362
(2,773,684)
(1,976,362)
1,065,846
(910,516)
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