REGISTERED NUMBER: 02624301 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE CHACE REST HOME LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

7

FIXED ASSETS

Tangible assets

4

1,709,564

1,077,569

CURRENT ASSETS

Stocks

1,878

1,878

Debtors

5

149,775

1,745,201

Cash at bank and in hand

14,997

44,713

166,650

1,791,792

CREDITORS

Amounts falling due within one year

6

(1,370,752

)

(342,279

)

NET CURRENT (LIABILITIES)/ASSETS

(1,204,102

)

1,449,513

TOTAL ASSETS LESS CURRENT LIABILITIES

505,462

2,527,082

CREDITORS

Amounts falling due after more than one year

7

-

(2,189,451

)

NET ASSETS

505,462

337,631

CAPITAL AND RESERVES

Called up share capital

38

38

Share premium

45

45

Retained earnings

505,379

337,548

505,462

337,631

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

L D Cox - Director

1.	STATUTORY INFORMATION

The Chace Rest Home Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02624301

Registered office:

Nicholson House

Shakespeare Way

Whitchurch

SY13 1LJ

The principal activity of the company is that of the provision of residential and care services for the elderly.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

GOING CONCERN

The Springcare Investment 1 Limited Group shows positive results and cash generation. The director has considered the current inflationary environment, and the forecast takes into account cost pressures within the Group. Occupancy levels for the Group are stable and are improving in the new financial year, which encourages us to believe that our forecasts are achievable.

While the Group has access to financial support from fellow Group companies, and is reliant on external lending, the forecasts prepared indicate that the Group is able to maintain operations from its own cash generation. For this reason, the Director continues to adopt the going-concern basis in preparing the financial statements.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

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.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

REVENUE RECOGNITION

The company provides residential and care services to the elderly. The turnover shown in the profit and loss account represents the fees due for the services provided during the year. Revenue is recognised in the period of care to which it is applicable.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery - 25% reducing balance

Freehold property - Not depreciated

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 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.

IMPAIRMENT OF FIXED ASSETS

A review for indicators of impairment is carried out at each reporting date, with 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 purpose 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 group of assets.

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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS

The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

1,214,792

316,445

24,610

1,555,847

Additions

-

468,912

-

468,912

At 31 December 2024

1,214,792

785,357

24,610

2,024,759

DEPRECIATION

At 1 January 2024

205,398

248,819

24,061

478,278

Charge for year

(205,398

)

42,182

133

(163,083

)

At 31 December 2024

-

291,001

24,194

315,195

NET BOOK VALUE

At 31 December 2024

1,214,792

494,356

416

1,709,564

At 31 December 2023

1,009,394

67,626

549

1,077,569

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade debtors

54,977

116,526

Amounts owed by group undertakings

-

1,546,411

Other debtors

19,309

1,101

Tax

4,156

4,156

Deferred tax asset

19,710

-

Prepayments and accrued income

51,623

77,007

149,775

1,745,201

Amounts owed by group undertakings are interest free,unsecured and repayable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Bank loans and overdrafts

-

10,549

Hire purchase contracts

-

262

Trade creditors

26,786

70,593

Amounts owed to group undertakings

619,619

-

Social security and other taxes

17,576

15,460

Other creditors

10,943

131,675

Amounts owed to connected

companies

573,331

49,489

Accruals and deferred income

122,497

64,251

1,370,752

342,279

Amounts owed to group and connected undertakings are interest free, unsecured and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Bank loans - 1-2 years

-

25,317

Bank loans - 2-5 years

-

75,951

Bank loans payable more than

5 years by instalments

-

2,088,183

-

2,189,451

Amounts falling due in more than five years:

Repayable by instalments

Bank loans payable more than

5 years by instalments

-

2,088,183

-

2,088,183

The bank loan is secured by a fixed charge and floating charge dated 7 September 2023 over the company's assets in favour of Cynergy Bank Limited.

The bank loan is secured by a fixed charge and floating charge dated 25 June 2024 over the freehold property in favour of Cynergy Bank PLC.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

9.	OTHER FINANCIAL COMMITMENTS

There are cross guarantees between the following companies: Springcare (Sandiway) Limited, Springcare (Kings Court) Limited, Springcare (Hatton) Limited, Springcare (Knutsford) Limited and Springcare No.2 Limited totalling £10,756,016 (2023: £8,748,525).

10.	POST BALANCE SHEET EVENTS

There were no significant events after the end of the reporting period up to the date of approval of the financial statements by the Board.

11.	ULTIMATE CONTROLLING PARTY

12.	GOING CONCERN

The Springcare Investment 1 Limited Group shows positive results and cash generation. The director has considered the current inflationary environment, and the forecast takes into account cost pressures within the Group. Occupancy levels for the Group are stable and are improving in the new financial year, which encourages us to believe that our forecasts are achievable.

While the Group has access to financial support from fellow Group companies, and is reliant on external lending, the forecasts prepared indicate that the Group is able to maintain operations from its own cash generation. For this reason, the Director continues to adopt the going-concern basis in preparing the financial statements.