Gentian (Norwich) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04158417

Gentian (Norwich) Limited

Filleted Unaudited Financial Statements

31 December 2024

Gentian (Norwich) Limited

Balance Sheet

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	6		12,859,987		14,596,069

Current assets

Debtors	7	1,459,643	1,433,716
Cash at bank and in hand		567,153	758,443
		------------	------------
		2,026,796	2,192,159

Creditors: amounts falling due within one year	8	5,171,513		5,998,881
		------------		------------
Net current liabilities			3,144,717		3,806,722
			-------------		-------------
Total assets less current liabilities			9,715,270		10,789,347

Creditors: amounts falling due after more than one year	9	2,450,000	2,950,000
		------------	-------------
Net assets		7,265,270	7,839,347
		------------	-------------

Capital and reserves

Called up share capital	10	1	1
Profit and loss account	11	7,265,269	7,839,346
		------------	------------
Shareholders funds		7,265,270	7,839,347
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gentian (Norwich) Limited

Balance Sheet (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 May 2025 , and are signed on behalf of the board by:

Mr R Edmonston
Director

Company registration number: 04158417

Gentian (Norwich) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provision of FRS 102 Section 1A small entities, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date, except where there is an exemption under FRS 102 Section 29. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25 % reducing balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Leasehold premium

Short leasehold premiums are included in prepayments and amortised over the period of the lease.

4. Average number of employees

During the year the average number of employees was 3 (2023: 3) which consisted of the directors only.

5. Deferred tax

There is a potential deferred tax liability of £1,900,858 (2023: £2,306,016) on the revaluation of the properties which is unprovided in accordance with FRS 102 Section 29.16

6. Tangible assets

	Leasehold Investment property	Equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	14,595,707	1,002	14,596,709
Fair value adjustment	( 1,735,992)	–	( 1,735,992)
	-------------	-------	-------------
At 31 December 2024	12,859,715	1,002	12,860,717
	-------------	-------	-------------
Depreciation
At 1 January 2024	–	640	640
Charge for the year	–	90	90
	-------------	-------	-------------
At 31 December 2024	–	730	730
	-------------	-------	-------------
Carrying amount
At 31 December 2024	12,859,715	272	12,859,987
	-------------	-------	-------------
At 31 December 2023	14,595,707	362	14,596,069
	-------------	-------	-------------

Freehold and Leasehold Property were adjusted to fair value by the directors at the year end. The directors are chartered surveyors and have valued the property on the basis of the agreed letting terms.

7. Debtors

	2024	2023
	£	£
Trade debtors	292,361	124,459
Prepayments and accrued income	1,167,282	1,309,257
	------------	------------
	1,459,643	1,433,716
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Prepayments and accrued income	28,206	34,592
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	500,000	500,000
Trade creditors	108,205	5,418
Amounts owed to group undertakings	3,388,984	4,446,090
Accruals and deferred income	792,164	759,231
Corporation tax	257,067	162,345
Social security and other taxes	125,093	125,797
	------------	------------
	5,171,513	5,998,881
	------------	------------

Barclays Bank Plc holds a debenture over the assets of Gentian (Norwich) Limited as part of the loan agreement. At the year end, the amount outstanding on the loan was £2,950,000.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	2,450,000	2,950,000
	------------	------------

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

11. Reserves

Profit and loss account - This reserve includes both distributable and non-distributable reserves.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	442,831	428,215
Later than 1 year and not later than 5 years	1,409,801	1,363,683
Later than 5 years	3,028,510	3,512,025
	------------	------------
	4,881,142	5,303,923
	------------	------------

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Related undertakings	(76,748)	(67,875)	( 6,490)	–
	--------	--------	-------	----

The company is a wholly owned subsidiary of Gentian Healthcare Developments Limited and has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with Gentian Healthcare Developments Limited or other wholly owned subsidiaries within the group.

14. Controlling party

The ultimate parent undertaking is Gentian Healthcare Developments Limited, a company incorporated in England and Wales.