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COMPANY REGISTRATION NUMBER: 12537941
Hestia Care Homes Limited and Subsidiary
Financial Statements
31 December 2024
Hestia Care Homes Limited and Subsidiary
Financial Statements
Year ended 31 December 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Hestia Care Homes Limited and Subsidiary
Strategic Report
Year ended 31 December 2024
The directors have pleasure in presenting their Strategic report of the company for the year ended 31 December 2024. Principal Activities The principal activity of the company during the year continues to be the operation of nursing and care homes. Development and Performance Review of Business Despite the ongoing challenging economic and social conditions, the company has improved in performance with increased turnover but reduction in profit before adjusting for the exceptional expenditure on repairs and maintenance. The company has also continued a longer term cost control programme and continued to invest in keeping the homes to a high standard. The care homes continue to provide qualitative services as verified by independent regulatory authority checks. Future Developments The directors are continuing the programme of capital improvement which are intended to upgrade the properties and facilities. This in time will lead with sustaining the level of profitability if not increasing it. Management policies will continue to be reviewed in the light of changing trading conditions. Employees With the key responsibility of providing residents with a quality level of care, our employees are fundamental to our success and as such we strive to attract and retain the best employees by offering a fair rate for the industry and focussed training. Customers Our clients are our most valued asset and we aim to provide the highest standards of care by continually investing and developing our care homes. This allows the company to give our clients the best possible service. Producers and Suppliers To be able to provide the high level of service to our clients, we rely on an efficient supply chain. We need to have a timely supply of food and other products to be able to maintain our service levels. The coronavirus pandemic demonstrated the strength of these relationships as we were able to continue to operate efficiently throughout. Business Conduct We ensure that our staff receive sufficient training to enable us to maintain our high standards of business conduct. Regular CQC inspections also ensure that we are meeting not only our own standards but also those expected by the industry. Financial risk management objectives and policies Principal Risks and Uncertainties The key business risks and uncertainties relate to the current economic climate and possible cuts by the referring agencies in terms of care purchasing. The company has taken measures to refine its service provision and reconfigure its care categories with a view to targeting new sustainable income streams. Financial and Liquidity Risk Management The company recognises the potential of financial risks given the current economic climate and is active in managing such risks. The company has interest bearing bank loans which attracts interest at variable rates. Liquidity and cashflow risks are managed by ensuring that the company at all times has sufficient working capital available to meet anticipated levels of expenditure.
This report was approved by the board of directors on 24 September 2025 and signed on behalf of the board by:
Mr M Braganza
Director
Registered office:
15-17 The Crescent
Leatherhead
Surrey
London
KT22 8DY
Hestia Care Homes Limited and Subsidiary
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr M Braganza
Mrs S Braganza
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
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 group and the company and the profit or loss of the group 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 group and 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 group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 24 September 2025 and signed on behalf of the board by:
Mr M Braganza
Director
Registered office:
15-17 The Crescent
Leatherhead
Surrey
London
KT22 8DY
Hestia Care Homes Limited and Subsidiary
Independent Auditor's Report to the Members of Hestia Care Homes Limited and Subsidiary
Year ended 31 December 2024
Opinion
We have audited the financial statements of Hestia Care Homes Limited and Subsidiary (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group 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 group's or the parent 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 group's and the parent 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 group or the parent 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: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud. 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.
D.J. Scott
(Senior Statutory Auditor)
For and on behalf of
Harold Everett Wreford LLP
Chartered accountants & statutory auditor
Hallswelle House
1 Hallswelle Road
London
England
NW11 0DH
24 September 2025
Hestia Care Homes Limited and Subsidiary
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
7,608,566
7,082,929
Cost of sales
4,634,769
4,370,713
------------
------------
Gross profit
2,973,797
2,712,216
Administrative expenses
2,379,450
2,063,206
Other operating income
5
15,354
12,712
------------
------------
Operating profit
6
609,701
661,722
Other interest receivable and similar income
3,066
1,828
Interest payable and similar expenses
10
217,247
253,340
------------
------------
Profit before taxation
395,520
410,210
Tax on profit
11
124,900
122,600
---------
---------
Profit for the financial year and total comprehensive income
270,620
287,610
---------
---------
All the activities of the group are from continuing operations.
Hestia Care Homes Limited and Subsidiary
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
4,686,437
4,807,812
Current assets
Stocks
16
6,440
6,485
Debtors
17
465,177
614,729
Investments
18
50,000
50,000
Cash at bank and in hand
1,399,530
1,348,130
------------
------------
1,921,147
2,019,344
Creditors: amounts falling due within one year
20
1,548,484
1,393,189
------------
------------
Net current assets
372,663
626,155
------------
------------
Total assets less current liabilities
5,059,100
5,433,967
Creditors: amounts falling due after more than one year
21
2,713,047
2,936,264
Provisions
Taxation including deferred tax
23
51,000
63,600
------------
------------
Net assets
2,295,053
2,434,103
------------
------------
Capital and reserves
Called up share capital
27
700,102
900,102
Other Reserves
28
1,065,359
1,065,359
Profit and loss account
28
529,592
468,642
------------
------------
Shareholders funds
2,295,053
2,434,103
------------
------------
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 24 September 2025 , and are signed on behalf of the board by:
Mr M Braganza
Director
Company registration number: 12537941
Hestia Care Homes Limited and Subsidiary
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
2,013,585
2,013,585
Current assets
Debtors
17
1,505,217
1,919,626
Investments
18
50,000
50,000
Cash at bank and in hand
7,265
–
------------
------------
1,562,482
1,969,626
Creditors: amounts falling due within one year
20
195,053
183,701
------------
------------
Net current assets
1,367,429
1,785,925
------------
------------
Total assets less current liabilities
3,381,014
3,799,510
Creditors: amounts falling due after more than one year
21
2,680,912
2,899,408
------------
------------
Net assets
700,102
900,102
------------
------------
Capital and reserves
Called up share capital
27
700,102
900,102
---------
---------
Shareholders funds
700,102
900,102
---------
---------
The profit for the financial year of the parent company was £ 209,670 (2023: £ 225,000 ).
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 24 September 2025 , and are signed on behalf of the board by:
Mr M Braganza
Director
Company registration number: 12537941
Hestia Care Homes Limited and Subsidiary
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Other Reserves
Profit and loss account
Total
£
£
£
£
At 1 January 2023
1,000,102
1,065,359
406,032
2,471,493
Profit for the year
287,610
287,610
------------
------------
---------
------------
Total comprehensive income for the year
–
–
287,610
287,610
Dividends paid and payable
12
–
–
( 225,000)
( 225,000)
Redemption of shares
( 100,000)
–
–
( 100,000)
------------
------------
---------
------------
Total investments by and distributions to owners
( 100,000)
–
( 225,000)
( 325,000)
At 31 December 2023
900,102
1,065,359
468,642
2,434,103
Profit for the year
270,620
270,620
------------
------------
---------
------------
Total comprehensive income for the year
–
–
270,620
270,620
Dividends paid and payable
12
–
–
( 209,670)
( 209,670)
Redemption of shares
( 200,000)
–
–
( 200,000)
---------
----
---------
---------
Total investments by and distributions to owners
( 200,000)
–
( 209,670)
( 409,670)
---------
------------
---------
------------
At 31 December 2024
700,102
1,065,359
529,592
2,295,053
---------
------------
---------
------------
Hestia Care Homes Limited and Subsidiary
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
1,000,102
–
1,000,102
Profit for the year
225,000
225,000
------------
---------
------------
Total comprehensive income for the year
–
225,000
225,000
Dividends paid and payable
12
–
( 225,000)
( 225,000)
Redemption of shares
( 100,000)
–
( 100,000)
------------
---------
------------
Total investments by and distributions to owners
( 100,000)
( 225,000)
( 325,000)
At 31 December 2023
900,102
–
900,102
Profit for the year
209,670
209,670
------------
---------
------------
Total comprehensive income for the year
–
209,670
209,670
Dividends paid and payable
12
–
( 209,670)
( 209,670)
Redemption of shares
( 200,000)
–
( 200,000)
---------
---------
---------
Total investments by and distributions to owners
( 200,000)
( 209,670)
( 409,670)
---------
---------
---------
At 31 December 2024
700,102
–
700,102
---------
---------
---------
Hestia Care Homes Limited and Subsidiary
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
270,620
287,610
Adjustments for:
Depreciation of tangible assets
121,374
113,004
Government grant income
( 15,354)
( 12,712)
Other interest receivable and similar income
( 3,066)
( 1,828)
Interest payable and similar expenses
217,247
253,340
Tax on profit
124,900
122,600
Accrued expenses/(income)
123,932
( 9,868)
Changes in:
Stocks
45
( 35)
Trade and other debtors
149,552
( 43,635)
Trade and other creditors
( 4,207)
50,565
---------
---------
Cash generated from operations
985,043
759,041
Interest paid
( 217,247)
( 253,340)
Interest received
3,066
1,828
Tax paid
( 113,283)
( 46,044)
---------
---------
Net cash from operating activities
657,579
461,485
---------
---------
Cash flows from investing activities
Purchase of tangible assets
–
( 73,319)
---------
---------
Net cash used in investing activities
–
( 73,319)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 194,584)
( 164,380)
Government grant income
15,354
12,712
Payments of finance lease liabilities
( 4,721)
43,940
Dividends paid
( 209,670)
( 225,000)
Redemption of,preference shares
( 200,000)
( 100,000)
---------
---------
Net cash used in financing activities
( 593,621)
( 432,728)
---------
---------
Net increase/(decrease) in cash and cash equivalents
63,958
( 44,562)
Cash and cash equivalents at beginning of year
1,335,571
1,380,133
------------
------------
Cash and cash equivalents at end of year
19
1,399,529
1,335,571
------------
------------
Hestia Care Homes Limited and Subsidiary
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 15-17 The Crescent, Leatherhead, Surrey, KT22 8DY, London.
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, 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) Disclosures in respect of share-based payments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Hestia Care Homes Limited and Subsidiary and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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.
Revenue recognition
Revenue generated from the nursing care services is recognised when the significant risks and rewards of ownership of the service have transferred to the resident, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 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 timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
2% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold and improvements
-
1% and 20%
Fixtures and fittings
-
10% straight line
Motor vehicle
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Fees receivable
7,608,566
7,082,929
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
15,354
12,712
--------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
121,374
113,004
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
12,400
12,400
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
101
98
Administrative staff
44
29
----
----
145
127
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,482,101
2,923,529
Social security costs
301,200
243,308
Other pension costs
66,092
53,633
------------
------------
3,849,393
3,220,470
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
28,800
29,116
--------
--------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
172,932
200,912
Dividends paid on shares classed as debt
44,315
51,130
Interest payable on overdue tax
–
416
Other interest payable and similar charges
–
882
---------
---------
217,247
253,340
---------
---------
11. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
137,500
113,500
Deferred tax:
Origination and reversal of timing differences
( 12,600)
9,100
---------
---------
Tax on profit
124,900
122,600
---------
---------
12. Dividends
Equity dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
209,670
225,000
---------
---------
Dividends on shares classed as debt
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
44,315
51,130
--------
--------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
120,417
---------
Amortisation
At 1 January 2024
117,917
Charge for the year
2,500
---------
At 31 December 2024
120,417
---------
Carrying amount
At 31 December 2024
–
---------
At 31 December 2023
2,500
---------
The company has no intangible assets.
14. Tangible assets
Group
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
5,675,683
1,272,962
48,940
6,997,585
------------
------------
--------
------------
Depreciation
At 1 January 2024
1,088,596
1,101,178
–
2,189,774
Charge for the year
67,574
44,012
9,788
121,374
------------
------------
--------
------------
At 31 December 2024
1,156,170
1,145,190
9,788
2,311,148
------------
------------
--------
------------
Carrying amount
At 31 December 2024
4,519,513
127,772
39,152
4,686,437
------------
------------
--------
------------
At 31 December 2023
4,587,087
171,784
48,940
4,807,811
------------
------------
--------
------------
The company has no tangible assets.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
2,013,585
------------
Impairment
At 1 January 2024 and 31 December 2024
–
------------
Carrying amount
At 1 January 2024 and 31 December 2024
2,013,585
------------
At 31 December 2023
2,013,585
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Craysell Homes Ltd
Ordinary
100
Hestia Care Limited
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,440
6,485
–
–
-------
-------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
282,411
139,631
–
–
Amounts owed by group undertakings
–
–
1,405,115
1,819,524
Prepayments and accrued income
60,200
41,066
–
–
Amounts owed by related undertakings
118,664
427,367
100,000
100,000
Other debtors
3,902
–
–
–
Other debtors
–
6,665
102
102
---------
---------
------------
------------
465,177
614,729
1,505,217
1,919,626
---------
---------
------------
------------
18. Investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Other investments
50,000
50,000
50,000
50,000
--------
--------
--------
--------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
1,399,530
1,348,130
Bank overdrafts
–
( 12,559)
------------
------------
1,399,530
1,335,571
------------
------------
The analysis of changes in the cash flow from the beginning to the end of the reporting period has not been presented for prior period.
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
194,585
183,232
194,584
183,232
Trade creditors
389,638
421,895
–
–
Accruals and deferred income
268,572
144,640
–
–
Corporation tax
142,110
117,893
–
–
Social security and other taxes
69,913
64,911
–
–
Obligations under finance leases and hire purchase contracts
7,084
7,084
–
–
Other creditors
66,653
–
–
–
Amount due to related undertaking
–
79,701
–
–
Other creditors
409,929
373,833
469
469
------------
------------
---------
---------
1,548,484
1,393,189
195,053
183,701
------------
------------
---------
---------
21. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,680,912
2,899,408
2,680,912
2,899,408
Obligations under finance leases and hire purchase contracts
32,135
36,856
–
–
------------
------------
------------
------------
2,713,047
2,936,264
2,680,912
2,899,408
------------
------------
------------
------------
The bank loans are secured by way of legal charges from Hestia Care Ltd and Craysell Ltd over the freehold properties of the subsidiary undertakings.
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
7,084
7,084
7,084
–
Later than 1 year and not later than 5 years
32,135
36,856
32,135
( 11,563)
--------
--------
--------
--------
39,219
43,940
39,219
( 11,563)
--------
--------
--------
--------
23. Provisions
Group
Deferred tax (note 24)
£
At 1 January 2024
63,600
Charge against provision
( 12,600)
--------
At 31 December 2024
51,000
--------
The company does not have any provisions.
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 23)
51,000
63,600
–
–
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
63,600
54,500
–
–
Provisions
( 12,600)
9,100
–
–
--------
--------
----
----
51,000
63,600
–
–
--------
--------
----
----
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 66,092 (2023: £ 53,633 ).
26. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants released to profit or loss
15,354
12,712
–
–
--------
--------
----
----
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
102
102
102
102
----
----
----
----
Amounts presented in liabilities:
Preference shares of £ 1 each
700,000
700,000
900,000
900,000
---------
---------
---------
---------
28. Reserves
Other reserve arising on consolidation
29. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
1,348,130
51,400
1,399,530
Bank overdrafts
(12,559)
12,559
–
Debt due within one year
(177,757)
(23,912)
(201,669)
Debt due after one year
(2,936,264)
223,217
(2,713,047)
Current asset investments
50,000
–
50,000
------------
---------
------------
( 1,728,450)
263,264
( 1,465,186)
------------
---------
------------
30. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Vesta Care Homes Limited
52,010
46,215
–
–
Anavo Limited
–
(7,252)
–
–
--------
--------
----
----
Management consultancy fees totalling £1,058,000 (2024: £820,000) were charged to the company by Anavo Care Limited, a company in which Mr J O Braganza is also a director.
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Vesta Care Homes Limited
100,000
100,000
–
–
---------
---------
----
----