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Registered number:
For the Year Ended
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Foxholes Nursing Home Limited
Company Information
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Foxholes Nursing Home Limited
Contents
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Foxholes Nursing Home Limited
Strategic report
For the Year Ended 31 August 2024
The director present the strategic report for the year ended 31 August 2024.
Principal activity
The principal activity of the company was operating a residential care home.
The business is faced with a number of risks and uncertainties, including the following:
Price Risk The Company operates in a competitive industry and manages the risk this poses though continued investment in people, equipment, and service offering. Credit risk The Company is primarily exposed to credit risk from credit sales. It is Company policy that all new customers are reviewed for credit worthiness and appropriate credit limits are established at the outset of any new customer relationship. Ongoing monitoring involved the services of an external credit agency which provide alerts to changes in financial circumstances. Liquidity risk The Company actively manages working capital and its debt facilities through rolling cash flow projections and live cash reporting. The policies seek to ensure sufficient liquidity is available to meet the working capital needs of the business whilst maintaining a healthy level of investment and re-investment. Cash flow risk The Company finances its operations through a mixture of retained profits and cash balances as well as secured bank and hire purchase debt. Debt facilities are subject to a mixture of fixed and variable rate interest in order to mitigate risk associated with rising interest rates whilst providing opportunity for upside potential should interest rates fall.
The business has performed well in the year with turnover of £5,872,588 (2023: £5,927,168). Profit before tax for
the period was £2,308,162 (2023: £2,321,224). The company's balance sheet remained strong in the year with net assets standing at £9,971,155 at the end of the year (2023: £8,072,383).
The turnover, gross margin, operating profit and net assets are considered as the key performance indicators by the Company.
This report was approved by the board on 29 August 2025 and signed on its behalf.
Page 1
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Foxholes Nursing Home Limited
Director's report
For the Year Ended 31 August 2024
The director presents her report and the financial statements for the year ended 31 August 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
The profit for the year, after taxation, amounted to £1,898,772 (2023 - £1,819,964).
No dividends will be distributed for the year ended 31 August 2024 (2023: £nil).
The director who served during the year was:
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Foxholes Nursing Home Limited
Director's report (continued)
For the Year Ended 31 August 2024
The Company continued to operate Foxholes Care Home in Hitchin alongside Sloe Hill Lodge as high-quality residential care homes. Average occupancy for the financial year was approximately 70%. Following recent inspections, both homes are rated “Good” by the Care Quality Commission.
During the year the Company advanced a major programme to enhance the grounds and outdoor amenity at Foxholes, with total investment of approximately £1.3 million. The programme supports accessibility, safety and resident wellbeing, and includes new paths with improved grip, specialist lighting, water features and extensive planting. A 110,000-litre rainwater harvesting and irrigation system was installed to improve sustainability and reduce potable water use. In addition, a 59 kW solar installation has been completed. The Board is evaluating further efficiency measures, including high-efficiency heat pumps and on?site battery storage, to reduce operating costs and increase resilience. Landscaping costs have largely been paid; the lighting phase is expected to reach practical completion in the first quarter of the next financial year, subject to seasonal light conditions and establishment of new planting. At Sloe Hill, continual property investment has been required due to the condition inherited from the previous owner. The Company is considering new planning applications to improve and enhance the building, with particular emphasis on fire prevention and safety measures. Depending on feasibility, a replacement building with a larger car park may be considered, which could support a higher bed capacity. No commitment has been made at this stage; any scheme would be progressed prudently and remains subject to planning, demand and funding. Operational priorities remain focused on quality of care, compliance, prudent cost control and clear pricing/room?mix management to support sustainable occupancy and cash flows.
There have been no significant events affecting the Company since the year end.
The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Foxholes Nursing Home Limited
Independent auditors' report to the members of Foxholes Nursing Home Limited
We have audited the financial statements of Foxholes Nursing Home Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
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Foxholes Nursing Home Limited
Independent auditors' report to the members of Foxholes Nursing Home Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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Foxholes Nursing Home Limited
Independent auditors' report to the members of Foxholes Nursing Home Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.
∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
∙Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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Foxholes Nursing Home Limited
Independent auditors' report to the members of Foxholes Nursing Home Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
2nd Floor Equitable House
7 General Gordon Square
United Kingdom
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Foxholes Nursing Home Limited
Statement of comprehensive income
For the Year Ended 31 August 2024
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Foxholes Nursing Home Limited
Registered number: 02796155
Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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Foxholes Nursing Home Limited
Statement of changes in equity
For the Year Ended 31 August 2024
Page 10
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Foxholes Nursing Home Limited
Statement of cash flows
For the Year Ended 31 August 2024
Page 11
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Foxholes Nursing Home Limited
Analysis of Net Debt
For the Year Ended 31 August 2024
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Foxholes Nursing Home Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 02796155 and has its registered office address at Pirton Road, Hitchin, Herts, SG5 2EN.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 13
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 18
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 19
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 20
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 22
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 23
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 24
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
Page 25
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Foxholes Nursing Home Limited
Notes to the financial statements
For the Year Ended 31 August 2024
19.Deferred taxation (continued)
Profit and loss account
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 £40,505 (2023: £150,174).
Contributions totaling £9,762 (2023: £8,095) were payable to the fund at the reporting date and are included in creditors.
The ultimate controlling party at reporting date is Usha Gandecha by virtue of her shareholding in the company.
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