Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31false2024-01-018681truefalsefalse 04539791 2024-01-01 2024-12-31 04539791 2023-01-01 2023-12-31 04539791 2024-12-31 04539791 2023-12-31 04539791 2023-01-01 04539791 1 2024-01-01 2024-12-31 04539791 1 2023-01-01 2023-12-31 04539791 4 2024-01-01 2024-12-31 04539791 4 2023-01-01 2023-12-31 04539791 5 2024-01-01 2024-12-31 04539791 5 2023-01-01 2023-12-31 04539791 d:CompanySecretary1 2024-01-01 2024-12-31 04539791 d:Director1 2024-01-01 2024-12-31 04539791 d:Director2 2024-01-01 2024-12-31 04539791 d:RegisteredOffice 2024-01-01 2024-12-31 04539791 e:Buildings 2024-01-01 2024-12-31 04539791 e:Buildings 2023-12-31 04539791 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04539791 e:PlantMachinery 2024-01-01 2024-12-31 04539791 e:PlantMachinery 2023-12-31 04539791 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04539791 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04539791 e:CurrentFinancialInstruments 2024-12-31 04539791 e:CurrentFinancialInstruments 2023-12-31 04539791 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04539791 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04539791 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 04539791 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 04539791 e:UKTax 2024-01-01 2024-12-31 04539791 e:UKTax 2023-01-01 2023-12-31 04539791 e:ShareCapital 2024-01-01 2024-12-31 04539791 e:ShareCapital 2024-12-31 04539791 e:ShareCapital 2023-01-01 2023-12-31 04539791 e:ShareCapital 2023-12-31 04539791 e:ShareCapital 2023-01-01 04539791 e:RevaluationReserve 2024-01-01 2024-12-31 04539791 e:RevaluationReserve 2024-12-31 04539791 e:RevaluationReserve 5 2024-01-01 2024-12-31 04539791 e:RevaluationReserve 2023-01-01 2023-12-31 04539791 e:RevaluationReserve 2023-12-31 04539791 e:RevaluationReserve 2023-01-01 04539791 e:RevaluationReserve 5 2023-01-01 2023-12-31 04539791 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04539791 e:RetainedEarningsAccumulatedLosses 2024-12-31 04539791 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04539791 e:RetainedEarningsAccumulatedLosses 2023-12-31 04539791 e:RetainedEarningsAccumulatedLosses 2023-01-01 04539791 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04539791 d:OrdinaryShareClass1 2024-12-31 04539791 d:OrdinaryShareClass1 2023-12-31 04539791 d:FRS102 2024-01-01 2024-12-31 04539791 d:Audited 2024-01-01 2024-12-31 04539791 d:FullAccounts 2024-01-01 2024-12-31 04539791 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04539791 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04539791 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04539791 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 04539791 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04539791 2 2024-01-01 2024-12-31 04539791 5 2024-01-01 2024-12-31 04539791 f:PoundSterling 2024-01-01 2024-12-31 04539791 e:RetainedEarningsAccumulatedLosses 5 2024-01-01 2024-12-31 04539791 e:RetainedEarningsAccumulatedLosses 5 2023-01-01 2023-12-31 04539791 e:Buildings e:PriorPeriodIncreaseDecrease 2023-12-31 04539791 e:PlantMachinery e:PriorPeriodIncreaseDecrease 2023-12-31 04539791 e:PriorPeriodIncreaseDecrease 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04539791







HAZELDENE HOUSE LIMITED
 
FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 DECEMBER 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
HAZELDENE HOUSE LIMITED
 

COMPANY INFORMATION


Directors
Dr K E Graham 
W E Graham 




Company secretary
W E Graham



Registered number
04539791



Registered office
Romford Road
Pembury

Tunbridge Wells

Kent

TN2 4AY




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

Church Street

Weybridge

Surrey

KT13 8DE





 
HAZELDENE HOUSE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 21


 
HAZELDENE HOUSE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being:

Key Performance Indicators

2024
2023



 
 
Occupancy



100%
 
96%
 
Turnover



£7,067,091
 
£6,060,770
 
EBITDAR



£3,207,969
 
£2,589,044
 

Occupancy, turnover and EBITDAR have all increased when compared to the previous year and reflects the recovery from the impact of the COVID-19 pandemic.
 
We consistently strive to maintain high quality standards. The Directors continue to take immediate measured steps to address and deal with any matters requiring improvement including and not limited to the agreement of specific action plans with the CQC.
Uncertainty remains around the increases in staffing costs arising from increases in the National Living Wage and Employer’s National Insurance Contributions. This could put downward pressure on future profitability of the business. However, the government’s continued commitment to including care work on the shortage occupations list means that the necessary number of care workers can be recruited from abroad so that the business can maintain full staffing continuously. We expect this to continue for the foreseeable future.
At Hazeldene House Limited, we operate around 80 places for people with high dependency long term care needs, ranging from older people with dementia to younger people with severe disabilities.
Our main distinguishing features are considered to be:
1. Care Suites
Our residents’ rooms are based around the "care suite" model, which provides more space than care home bedrooms and helps them to consider the suite to be their home rather than their bedroom.
 

Page 1

 
HAZELDENE HOUSE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

 
2.Relationship Centred Care TM
We have adopted Relationship Centred Care™ as our principal approach to care provision, with the aim of building stronger relationships between residents, staff, relatives, friends, etc. This takes the well-established concept of Person Centred Care one step further with the recognition that to enable residents to be happy and fulfilled; we need to get to know them better and to understand their past and present relationships with others.
3. Servant leadership
Servant Leadership is based on the desire to serve others. The servant-leader essentially acts as servant, rather than as a master. "Service" in this context is not to be confused with "servitude." Servitude implies being in a one down position to another person and giving from a place of "need to" or "have to.” True service, by contrast, stems from a desire to give from the heart. It is freely shared without first seeking something in return. The sheer joy of giving is the reward gained from this level of service.
Most organisations today still lead by a Command & Control style of leadership. Servant Leadership is a more consensual form of leadership that recognises the value of people to fulfil the organisation's mission. It is about engaging everyone involved and using their talents to the full.
Against this background, we feel that the company is well positioned to continue its investment in new facilities and to reinforce its position as a leading provider of long term care in the area in which it operates.
Potential sale of the Company
The Company is part of an ongoing sale negotiation for Graham Care (YB) Limited, the immediate parent company, to sell its shareholding in the Company in its entirety to a company outside of the Blackstown Holdings Limited group. The Directors believe there is a material uncertainty as to whether the company will be able to continue trading as a going concern due to the uncertainty of new management intentions which has been highlighted in Note 2.4 of the financial statements.


This report was approved by the board on 4 June 2025 and signed on its behalf.



W E Graham
Director

Page 2

 
HAZELDENE HOUSE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity of the company was the provision of accommodation and care for people with on-going personal and nursing care needs in Hazeldene House.

Results and dividends

The profit for the year, after taxation, amounted to £2,565,474 (2023 - £2,468,304).

During the year the company paid dividends of £2,565,474 (2023 - £2,468,304).

Directors

The directors who served during the year were:

Dr K E Graham 
W E Graham 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Engagement with employees

Hazeldene House Limited operates a framework for employee information and consultation, which complies with the requirements of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the group has continued by holding regular meetings between local management and employees. These meetings allow a free flow of information and ideas.

Page 3

 
HAZELDENE HOUSE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disabled employees

Hazeldene House Limited gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Disclosure of information to auditor

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

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

Future developments

The Company is part of an ongoing sale negotiation for Graham Care (YB) Limited, the immediate parent company, to sell its shareholding in the Company in its entirety to a company outside of the Blackstown Holdings Limited group. The Directors believe there is a material uncertainty as to whether the company will be able to continue trading as a going concern due to the uncertainty of new management intentions which has been highlighted in Note 2.4 of the financial statements. The Directors have determined that the financial statements should be prepared on a going concern basis.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 June 2025 and signed on its behalf.
 





W E Graham
Director

Page 4

 
HAZELDENE HOUSE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELDENE HOUSE LIMITED
 

Opinion


We have audited the financial statements of Hazeldene House Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 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.


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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.4 in the financial statements, which indicates that the current Directors have considered the potential sale of the business and potential outcomes thereon. As stated in note 2.4, these events or conditions, along with the other matters as set forth in note 2.4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included discussions with the current management and potential future management, along with an assessment into the companies expected future trading activities using methods such as cashflow forecasts.


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


Page 5

 
HAZELDENE HOUSE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELDENE HOUSE LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
HAZELDENE HOUSE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELDENE HOUSE LIMITED (CONTINUED)


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 Auditor's 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:
Obtain an understanding of the policies and procedures management have in place to detect and prevent
fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and
regulations.
Enquire of management, those charged with governance and the entity’s solicitors around actual and
potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design
our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no
material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct
period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon.
Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business


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 Auditor's Report.


Page 7

 
HAZELDENE HOUSE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELDENE HOUSE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Philip Munk FCA, FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants
Statutory Auditors
  
Church Street
Weybridge
Surrey
KT13 8DE

5 June 2025
Page 8

 
HAZELDENE HOUSE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
                                                                                                                      Note
£
£

  

Turnover
 3 
7,067,091
6,060,770

Cost of sales
  
(3,860,622)
(3,490,146)

Gross profit
  
3,206,469
2,570,624

Administrative expenses
  
(125,098)
(118,931)

Other operating income
 4 
1,500
18,420

Operating profit
  
3,082,871
2,470,113

Interest receivable and similar income
 7 
-
87

Profit before tax
  
3,082,871
2,470,200

Tax on profit
 8 
(517,397)
(1,896)

Profit for the year
  
2,565,474
2,468,304

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
3,211,860
3,455,844

Unrealised deficit on revaluation of intangible assets
  
(802,965)
(863,961)

Other comprehensive income for the year
  
2,408,895
2,591,883

Total comprehensive income for the year
  
4,974,369
5,060,187

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
HAZELDENE HOUSE LIMITED
REGISTERED NUMBER: 04539791

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Tangible assets
 10 
27,800,674
24,439,358

  
27,800,674
24,439,358

Current assets
  

Stocks
 11 
2,335
2,057

Debtors: amounts falling due within one year
 12 
808,911
956,395

Cash at bank and in hand
 13 
75,717
184,717

  
886,963
1,143,169

Creditors: amounts falling due within one year
 14 
(8,805,496)
(8,948,027)

Net current liabilities
  
 
 
(7,918,533)
 
 
(7,804,858)

Total assets less current liabilities
  
19,882,141
16,634,500

Provisions for liabilities
  

Deferred tax
 15 
(4,774,378)
(3,935,632)

  
 
 
(4,774,378)
 
 
(3,935,632)

Net assets
  
15,107,763
12,698,868


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Revaluation reserve
 17 
15,101,763
12,692,868

Profit and loss account
 17 
5,000
5,000

  
15,107,763
12,698,868


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2025.




W E Graham
Director

The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
HAZELDENE HOUSE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,000
10,100,985
5,000
10,106,985


Comprehensive income for the year

Profit for the year
-
-
2,468,304
2,468,304

Surplus on revaluation of freehold property
-
2,591,883
-
2,591,883


Other comprehensive income for the year
-
2,591,883
-
2,591,883


Total comprehensive income for the year
-
2,591,883
2,468,304
5,060,187


Contributions by and distributions to owners

Dividends to parent
-
-
(2,468,304)
(2,468,304)


Total transactions with owners
-
-
(2,468,304)
(2,468,304)



At 1 January 2024
1,000
12,692,868
5,000
12,698,868


Comprehensive income for the year

Profit for the year
-
-
2,565,474
2,565,474

Surplus on revaluation of freehold property
-
2,408,895
-
2,408,895


Other comprehensive income for the year
-
2,408,895
-
2,408,895


Total comprehensive income for the year
-
2,408,895
2,565,474
4,974,369


Contributions by and distributions to owners

Dividends to parent
-
-
(2,565,474)
(2,565,474)


Total transactions with owners
-
-
(2,565,474)
(2,565,474)


At 31 December 2024
1,000
15,101,763
5,000
15,107,763


The notes on pages 12 to 21 form part of these financial statements.

Page 11

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Hazeldene House Limited is incorporated in England and Wales and limited by shares. The address of the registered office is given in the company information of these financial statements. The principal activity of the company is the provision of retirement accommodation and related nursing services.

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 financial statements are presented in sterling which is the functional currency of the company
and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The company have taken exemption from preparing a cashflow statement. The consolidated results and cashflow statements for the company are included within the publicly available financial statements of Blackstown Holdings Limited.

The following principal accounting policies have been applied:

  
2.2
Revenue

Turnover comprises revenue recognised by the company in respect of nursing and residential care services during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised based on occupancy during the reporting period and adjustment is made for any amounts received in advance or arrears.

  
2.3
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Equipment                             -     Items under £500 - 50% straight line
                                               -     Items above £500 - 15% reducing balance

Page 12

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements are prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
 
The Directors have considered the impact of a potential sale of the business and the associated uncertainties on the company's ability to continue as a going concern. Given the company is in current negotiations and the potential outcomes thereon, there is a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern should the business be sold within the next 12 months from signing these financial statements. The Directors have not been made aware of the intentions or actions that might effect the continuation of operations under the future management should the business be sold.
 
Accordingly, the financial statements do not include any adjustments that might result from the outcome of these uncertainties.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

The freehold property used by the company is recognised as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation
reserve.

  
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 
2.7

Debtors

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

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 13

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Creditors

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

  
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees.  Contributions are expensed as they become payable. 

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

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 balance sheet 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 balance sheet 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 balance sheet date.


Page 14

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

The whole of the turnover is attributable to provision of residential care services.


2024
2023
£
£

United Kingdom
7,067,091
6,060,770

7,067,091
6,060,770


All turnover arose within the United Kingdom.


4.


Other operating income

2024
2023
£
£

Government grants receivable
1,500
18,420

1,500
18,420





5.


Auditor's remuneration

2024
2023
£
£

Auditor's remuneration

10,620
8,430
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
2,717,242
2,429,200

Social security costs
275,056
241,632

Cost of defined contribution scheme
55,455
50,182

3,047,753
2,721,014


The average monthly number of employees, excluding the directors not paid through the company, during the year was as follows:


        2024
        2023
            No.
            No.







Care home staff
86
81


7.


Interest receivable

2024
2023
£
£


Other interest receivable
-
87

-
87

Page 16

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
463,738
-

Adjustments in respect of previous periods
17,878
(7,355)


481,616
(7,355)


Total current tax
481,616
(7,355)

Deferred tax


Origination and reversal of timing differences
35,781
9,251

Total deferred tax
35,781
9,251


Tax on profit
517,397
1,896

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
3,082,871
2,470,200


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
770,718
617,550

Effects of:


Capital allowances for year in excess of depreciation
(40,278)
(13,039)

Adjustments to tax charge in respect of prior periods
17,878
(7,354)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
1,218
184

Other timing differences leading to an increase (decrease) in taxation
35,781
9,251

Book profit on chargeable assets
3,278
3,603

Group relief
(271,198)
(608,299)

Total tax charge for the year
517,397
1,896

Page 17

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Dividends

2024
2023
£
£


Dividends to parent
2,565,474
2,468,304

2,565,474
2,468,304


10.


Tangible fixed assets





Freehold property
Equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
24,240,000
358,184
24,598,184


Additions
18,140
207,619
225,759


Disposals
-
(45,874)
(45,874)


Revaluations
3,211,860
-
3,211,860



At 31 December 2024
27,470,000
519,929
27,989,929



Depreciation


At 1 January 2024
-
158,826
158,826


Charge for the year on owned assets
-
63,187
63,187


Disposals
-
(32,758)
(32,758)



At 31 December 2024
-
189,255
189,255



Net book value



At 31 December 2024
27,470,000
330,674
27,800,674



At 31 December 2023
24,240,000
199,358
24,439,358

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
7,673,593
At valuation:

Revaluation surplus at 31 December 2024
19,796,407



27,470,000

Page 18

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           10.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
7,673,593
7,655,453

Accumulated depreciation
(1,318,142)
(1,237,052)

Net book value
6,355,451
6,418,401

The land and buildings were revalued as at 31 December 2024 by Henry Harris MRICS of Cushman & Wakefield using a multiple of the Fair Maintainable EBITDA.


11.


Stocks

2024
2023
£
£

Raw materials and consumables
2,335
2,057

2,335
2,057



12.


Debtors

2024
2023
£
£


Trade debtors
362,582
497,009

Amounts owed by group undertakings
392,714
402,720

Other debtors
17,689
17,689

Prepayments and accrued income
35,926
38,977

808,911
956,395



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
75,717
184,717

75,717
184,717


Page 19

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
131,935
92,649

Amounts owed to group undertakings
7,879,002
8,529,642

Corporation tax
463,738
49,981

Other taxation and social security
78,502
78,661

Other creditors
205,464
175,459

Accruals and deferred income
46,855
21,635

8,805,496
8,948,027


The company has pledged its assets as security against any bank loans and overdrafts held by the group companies. At the year end, there are amounts outstanding in respect of secured debts of £40,961,039 (2023 - £41,418,601) in Graham Care (YB) Limited and £17,339,526 (2023 - £17,339,526) in Graham Care (BL) Limited.
The group's bankers have a fixed and floating charge over the company's assets.


15.


Deferred taxation




2024
2023


£

£






At beginning of year
(3,935,632)
(3,062,420)


Charged in the year
(838,746)
(873,212)



At end of year
(4,774,378)
(3,935,632)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(79,735)
(43,954)

Deferred tax on revaluation gains
(4,694,643)
(3,891,678)

(4,774,378)
(3,935,632)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary Shares shares of £1.00 each
1,000
1,000


Page 20

 
HAZELDENE HOUSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


18.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £55,455 (2023 - £50,183) which is included within wages and salaries. Contributions totaling £23,102 (2023 - £11,734) were payable to the fund at the balance sheet date and are included within creditors.


19.


Related party transactions

The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS 102 and therefore transactions with group companies have not been disclosed.


20.


Controlling party

The company is a wholly owned subsidiary of Graham Care (YB) Limited. The ultimate parent company is Blackstown Holdings Limited, a company incorporated in England and Wales, which is under the control of Dr K E Graham and W E Graham who are the directors of the company.

Page 21