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COMPANY REGISTRATION NUMBER: 10385047
Abbey Healthcare (Mill Hill) Limited
Financial Statements
For the year ended
31 December 2024
Abbey Healthcare (Mill Hill) Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Abbey Healthcare (Mill Hill) Limited
Officers and Professional Advisers
The board of directors
A Taylor
M Cloonan
Registered office
Abbey Healthcare
Sutherland House
70-78 West Hendon Broadway
London
NW9 7BT
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Abbey Healthcare (Mill Hill) Limited
Strategic Report
Year ended 31 December 2024
Business review Abbey Healthcare (Mill Hill) Limited operates a 65 bed care home regulated by the Care Quality Commission and remained rated as Good throughout the year. Revenue increased in the year from £4,828,000 to £5,301,000 in the year. This translated into a profit before tax of £412,000 (2023 - loss £924,000). Principal risks and uncertainties Management monitors risks on a weekly and monthly basis. The primary concern of the management is the quality of care. There are dedicated regional managers and Operational Directors responsible for supporting the Home in provision of high quality care services. The major financial risk to the company is the increase in its cost base, primarily relating to the National Living Wage. The Company is exposed to credit risk with its customers, albeit major customers are public sector, and therefore with limited credit risk. Pricing risk is limited to the risk associated with negotiating annual price increases. Liquidity and cashflow risk could arise in the event of a downturn in trading. However, in this event, sister companies in the group can provide liquidity if required. The Company is exposed to finance risk due to its exposure to third party lenders and borrowings in the Company. Staffing remains a key risk as there is a nationwide shortage of nurses and care staff. Cost inflation also remains a risk for the business. Financial and other key performance indicators The key financial and operational performance indicators monitored by management include regulatory reviews, internal quality reviews, occupancy ratios, average weekly fees and cost to revenue ratios. The court decision regarding the ongoing court case with Simply Contract (UK) LLP was received on 04/07/2025. The ruling indicated that Abbey Healthcare (Mill) Hill Limited is to be reimbursed c£4.3m plus costs and interest. The timing of the receipt is still uncertain. A contingent asset has been recognised for the year ended 31/12/2024. Refer to note 23 in the accounts for more details. Future developments The directors continue to monitor its key performance metrics whilst continually striving to improve care quality.
This report was approved by the board of directors on 8 September 2025 and signed on behalf of the board by:
A Taylor
Director
Registered office:
Abbey Healthcare
Sutherland House
70-78 West Hendon Broadway
London
NW9 7BT
Abbey Healthcare (Mill Hill) Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
A Taylor
M Cloonan
B Raj has been appointed as director on 01/06/2025.
Dividends
The directors do not recommend the payment of a dividend.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 23 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to include several items in the strategic report which would otherwise be required to be disclosed in the directors report. These include information on the exposure to financial risk, price risk, credit risk, liquidity risk and cash flow risk and an indication of the likely future developments in the business of the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 8 September 2025 and signed on behalf of the board by:
A Taylor
Director
Registered office:
Abbey Healthcare
Sutherland House
70-78 West Hendon Broadway
London
NW9 7BT
Abbey Healthcare (Mill Hill) Limited
Independent Auditor's Report to the Members of Abbey Healthcare (Mill Hill) Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Abbey Healthcare (Mill Hill) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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; - 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 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.
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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, 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - 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 identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, Care Home legislation and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - 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 an 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 the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of 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 set out in Note 3 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: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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. 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 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 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
9 September 2025
Abbey Healthcare (Mill Hill) Limited
Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
5,301,049
4,827,753
Cost of sales
( 2,673,047)
( 2,527,135)
------------
------------
Gross profit
2,628,002
2,300,618
Administrative expenses
( 1,552,707)
( 1,515,497)
Other operating income
5
1,053
8,367
Exceptional items
(729,939)
(1,784,645)
------------
------------
Operating profit/(loss)
6
346,409
( 991,157)
Other interest receivable and similar income
10
70,098
66,800
Interest payable and similar expenses
11
( 4,802)
–
------------
------------
Profit/(loss) before taxation
411,705
( 924,357)
Tax on profit/(loss)
12
( 21,350)
–
---------
---------
Profit/(loss) for the financial year and total comprehensive income
390,355
( 924,357)
---------
---------
Retained losses at the start of the year
( 1,922,805)
( 998,448)
------------
------------
Retained losses at the end of the year
( 1,532,450)
( 1,922,805)
------------
------------
All the activities of the company are from continuing operations.
Abbey Healthcare (Mill Hill) Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
266,656
137,414
Current assets
Debtors
14
6,173,265
6,260,086
Cash at bank and in hand
440,661
324,924
------------
------------
6,613,926
6,585,010
Creditors: amounts falling due within one year
15
8,391,681
7,952,488
------------
------------
Net current liabilities
1,777,755
1,367,478
------------
------------
Total assets less current liabilities
( 1,511,099)
( 1,230,064)
Provision for legal fees
16
21,350
692,740
------------
------------
Net liabilities
( 1,532,449)
( 1,922,804)
------------
------------
Capital and reserves
Called up share capital
20
1
1
Profit and loss account
( 1,532,450)
( 1,922,805)
------------
------------
Shareholders deficit
( 1,532,449)
( 1,922,804)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:
A Taylor
Director
Company registration number: 10385047
Abbey Healthcare (Mill Hill) Limited
Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
390,355
( 924,357)
Adjustments for:
Depreciation of tangible assets
64,204
53,211
Government grant income
–
( 7,964)
Other interest receivable and similar income
( 70,098)
( 66,800)
Interest payable and similar expenses
4,802
–
Tax on profit/(loss)
21,350
–
Accrued expenses
19,659
23,224
Changes in:
Trade and other debtors
86,821
( 1,213,562)
Trade and other creditors
( 1,048,435)
950,483
Provisions and employee benefits
( 692,740)
692,740
------------
------------
Cash generated from operations
( 1,224,082)
( 493,025)
Interest paid
( 4,802)
–
Interest received
70,098
66,800
Tax received
451,123
–
------------
---------
Net cash used in operating activities
( 707,663)
( 426,225)
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 193,446)
( 18,643)
------------
---------
Net cash used in investing activities
( 193,446)
( 18,643)
------------
---------
Cash flows from financing activities
Proceeds from loans from group undertakings
1,016,846
518,795
Government grant income
–
7,964
------------
---------
Net cash from financing activities
1,016,846
526,759
------------
---------
Net increase in cash and cash equivalents
115,737
81,891
Cash and cash equivalents at beginning of year
324,924
243,033
---------
---------
Cash and cash equivalents at end of year
440,661
324,924
---------
---------
Abbey Healthcare (Mill Hill) 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 Abbey Healthcare, Sutherland House, 70-78 West Hendon Broadway, London, NW9 7BT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, '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.
Going concern
The company has made a profit during the year and is in a net liability position on year end. It has received group support and accordingly the financial statements have been prepared on a going concern basis. The directors are confident that group has the ability to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the directors have made the following judgements:- 1 Determine whether there are indicators of impairment of the tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. 2 The directors have taken the view to recognise and disclose a provision in the accounts that relates to the exceptional item in note 9. The directors have applied their judgement to estimate any possible future costs the company might incur in relation to this case. Other key sources of estimation uncertainty 2 Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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 If 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. 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 material 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.
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:
Fixtures and fittings
-
20% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
5,301,049
4,827,753
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
–
7,964
Other operating income
1,053
403
-------
-------
1,053
8,367
-------
-------
6. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
64,204
53,211
Impairment of trade debtors
(34,740)
63,804
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
4,800
4,800
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
81
85
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,165,724
2,036,382
Social security costs
206,627
189,415
Other pension costs
36,969
34,537
------------
------------
2,409,320
2,260,334
------------
------------
9. Exceptional items
2024
2023
£
£
Labour cost
–
224,045
Damages claim
(777,296)
(2,008,690)
---------
------------
(777,296)
(1,784,645)
---------
------------
In 2022 the company was awarded £1,106,267 in settlement proceeds in respect of a damages claim. In 2023 this was successfully appealed and the company has repaid the damages to the defendant and therefore was accrued within the 2023 financial statements. The company has also incurred legal fees of £483,746 relating to the case. In 2023 the directors released a previous labour cost creditor as this is no longer considered to be liability of the company. In 2024 the exceptional expenses relates to the legal and professional fees that have been incurred for the Simply court case. Refer to note 23 for more information.
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
1,120
923
Interest from group undertakings
68,978
65,877
--------
--------
70,098
66,800
--------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
4,802
–
-------
----
12. Tax on profit/(loss)
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
21,350
–
--------
----
Tax on profit/(loss)
21,350
–
--------
----
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
411,705
( 924,357)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
102,926
( 231,089)
Effect of capital allowances and depreciation
13,642
–
Utilisation of tax losses
( 95,218)
231,089
---------
---------
Tax on profit/(loss)
21,350
–
---------
---------
13. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2024
275,197
Additions
193,446
---------
At 31 December 2024
468,643
---------
Depreciation
At 1 January 2024
137,783
Charge for the year
64,204
---------
At 31 December 2024
201,987
---------
Carrying amount
At 31 December 2024
266,656
---------
At 31 December 2023
137,414
---------
14. Debtors
2024
2023
£
£
Trade debtors
415,690
338,640
Amounts owed by group undertakings
3,806,341
4,008,286
Prepayments and accrued income
161,362
40,673
Other debtors
1,789,872
1,872,487
------------
------------
6,173,265
6,260,086
------------
------------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
338,342
208,260
Amounts owed to group undertakings
7,142,582
6,125,736
Accruals and deferred income
413,801
394,142
Corporation tax
451,123
–
Social security and other taxes
46,878
111,696
Other creditors
( 1,045)
1,112,654
------------
------------
8,391,681
7,952,488
------------
------------
16. Provision for legal fees
Deferred tax (note 17)
User defined class 1
Total
£
£
£
At 1 January 2024
–
692,740
692,740
Additions
21,350
–
21,350
Charge against provision
–
( 692,740)
( 692,740)
--------
---------
---------
At 31 December 2024
21,350
–
21,350
--------
---------
---------
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provision for legal fees (note 16)
21,350
–
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
13,642
–
Provision for legal fees
7,708
–
--------
----
21,350
–
--------
----
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 36,969 (2023: £ 34,537 ).
19. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
–
7,964
----
-------
20. Called up share capital
Issued and called up
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
Shares issued and partly paid
2024
2023
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
1
–
1
–
----
----
----
----
21. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
324,924
115,737
440,661
Debt due within one year
(6,125,736)
(1,016,846)
(7,142,582)
------------
------------
------------
( 5,800,812)
( 901,109)
( 6,701,921)
------------
------------
------------
22. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
900,000
900,000
Later than 1 year and not later than 5 years
3,600,000
3,600,000
Later than 5 years
8,700,000
9,600,000
--------------
--------------
13,200,000
14,100,000
--------------
--------------
23. Events after the end of the reporting period
The court decision regarding the ongoing court case with Simply Contract (UK) LLP was received on 04/07/2025. The ruling indicated that Abbey Healthcare (Mill) Hill Limited is to be reimbursed c£4.3m plus costs and interest. The timing of the receipt is still uncertain. A contingent asset has been recognised for the year ended 31/12/2024.
Abbey Healthcare (Mill Hill) Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
24. Related party transactions
The company operated a loan account with the ultimate shareholder. The balance brought forward was £47 and the balance outstanding at the year end was £1,336,660. No interest was charged and the loan is repayable on demand.
25. Controlling party
The company was under the control of the Trustees of the Prabhdyal Sodhi Overseas Settlement throughout the year, an entity based in Gibraltar. The immediate parent company is Lansbury Limited, a company incorporated in Gibraltar.