REGISTERED NUMBER: 07260218 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NORTHGATE HEALTHCARE HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

A K Haines

K Haines

M K Haines

REGISTERED OFFICE:

White Gables

Cross Lane Head

Bridgnorth

Shropshire

WV16 4SJ

REGISTERED NUMBER:

07260218 (England and Wales)

AUDITORS:

BSS & Co (Accountancy Services) Limited

(Statutory Auditor)

75 Aston Road

Shifnal

Shropshire

TF11 8DU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

REVIEW OF BUSINESS

Northgate Healthcare is a provider of residential care homes for the elderly. We currently own and operate five homes across the Midlands, following the acquisition of Ashcroft Hollow in October 2024. Each home is managed and assessed individually to ensure performance is measured effectively.

We pride ourselves on the quality of our homes and the care we provide. Within our group of five homes, we provide nursing care and specialist dementia care. Nursing care is provided at both Autumn House and Ashcroft Hollow, which also provide specialist dementia care along with our other three homes.

As part of our growth strategy, we continue to explore acquisition opportunities. During 2024, we acquired Ashcroft Hollow via a share purchase acquisition, which added to our nursing care capacity and, along with our residential care. This acquisition has allowed us to further concentrate on our core values, particularly the delivery of first-class care for all residents. Bed occupancy levels improved on 2023 figures, which was a key factor in overall income growth.

All of our homes were profitable in 2024, and this trend has continued into 2025. Total turnover rose compared with 2023, driven by a combination of increased fees and higher occupancy rates. this is a combination of increased fees and increased occupancy. We saw an increase in fees across all homes in the year, with the most notable improvements being at Meadowfields, where fee levels rose, and at Autumn House, where both occupancy and nursing care numbers increased, bringing the home close to full capacity.

We have continued with the ongoing program of repairs to all homes to ensure they are kept to the high standards which we continue to meet for all of our service users. This again has resulted in a higher than average spend on repairs and maintenance at The Firs refurbishment, coming to an end along with Lane House during this year. The refurbishment of Autumn House was coming to an end in 2024 with the home getting closer to full occupancy too. The refurbishment of Ashcroft Hollow commenced following the acquisition, with the main refurbishment costs scheduled for 2025 to ensure the home meets the high standards expected across the Northgate group. We expect overall maintenance expenditure to decrease across the other homes in 2025, apart from the usual cyclical refurbishment programme.

Residential nursing care is a growing sector within the industry, and the directors are satisfied that including this service at both Autumn House and now Ashcroft Hollow is worthwhile to the Northgate Healthcare group. This will ensure Northgate Healthcare can continue to provide residents with the level of care they require as their needs change.

Our staff are at the heart of the care we provide, and their dedication is central to our success. We recognise that attracting and retaining high-quality staff in the care sector remains a challenge. To support retention, we implemented wage increases in 2025 to remain competitive and to reward staff for their commitment. We also continue to invest in training and professional development to ensure our teams are skilled, motivated, and able to deliver the highest standard of care.

We are proud to maintain strong staff retention levels across our homes, which directly contributes to consistency of care, high resident satisfaction, and improved overall performance. By offering career progression, ongoing training, and a supportive working environment, we ensure our workforce feels valued and engaged.

We consider the key financial performance indicators to be those that communicate the financial performance and strength of the company as a whole, these being average occupancy rates, gross profit margin and earnings before interest, tax, depreciation and amortisation (EBITDA).

Occupancy levels improved in 2024 compared with 2023, and we are confident that this trend will continue in 2025, particularly as Ashcroft Hollow builds occupancy steadily throughout the year. Resident retention and satisfaction remain high across all homes.

The gross profit margin for the company as a whole has increased again to 39.56% over the 2024 figure of 38.07% for 2023. This is a testament to both the high standards of the homes and the care provided to our residents.

Following the new measures introduced a couple of years ago and which have continued since, this has assisted with achieving both higher occupancy rates and better profitability across all homes in the group, with both occupancy rates and profitability increasing overall.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues to face a number of external risks that could impact operations and financial performance, including:

- The effects of a further economic downturn, which could lead to further pressures on margins

- Changes in the availability of public sector funding, as a proportion of residents rely on government contributions to meet care fees.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.

FINANCIAL RISK MANAGEMENT

The company's credit risk is low, being primarily attributed to its trade debtors. All credit risk, both publicly and privately funded, is managed by monitoring payments against contractual agreements. Even with interest rates falling from June 2024, there have been higher interest charges across the year as they have not fallen as quickly as they rose during 2022 and 2023. This has still impacted profitability, other measures put in place have outweighed this impact and is continuing to be managed by the directors to ensure continued profitability moving forward.

The company faces financial risk from the inflationary pressures from staff costs. Any future changes in the National Living Wage will have a significant impact on labour costs in the care sector as a whole. The company reviews upcoming changes to the National Living Wage and currently pays above this rate to ensure good quality care staff. The company plans future wage increases to ensure the financial stability of the company going forward and to ensure these increases do not overly impact cash flow and profitability.

ON BEHALF OF THE BOARD:

A K Haines - Director

29 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

A Ordinary £1

-

£5598.2666

B Ordinary £1

-

£8601.30

C Ordinary £1

-

£4931.5966

D Ordinary £1

-

£10900

E Ordinary £1

- £3400.9776

F Ordinary £1

- £3400.9776

The total distribution of dividends for the year ended 31 December 2024 will be £ 646,948 .

FUTURE DEVELOPMENTS

The directors are confident about the continuing financial performance of the business and continue to seek opportunities to develop the business further.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A K Haines

K Haines

M K Haines

OUR PEOPLE

The company provides employees with information on matters of concern to them, consulting them regularly so that their views can be taken into account when making decisions that are likely to affect their interests.

Disabled employees

The company is committed to a policy of recruitment and promotion based on the basis of aptitude and ability without discrimination of any kind. Particular attention is given to the training and promotion of disabled employees to ensure that their career development is not unfairly restricted by their disability, or perceptions to it.

The HR procedures make clear that full and fair consideration must be given to applications made by and the promotion of disabled persons. Where an employee becomes disabled whilst employed by the company, the HR procedures also require that reasonable effort is made to ensure they have the opportunity for continued employment within the company. Retaining of employees who become disabled whilst employed by the company is offered where appropriate.

DISCLOSURE IN THE STRATEGIC REPORT

A review of the business, principle risks and uncertainties and financial risk management are included in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of 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 judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, BSS & Co (Accountancy Services) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A K Haines - Director

29 September 2025

Opinion

We have audited the financial statements of Northgate Healthcare Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company 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; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

The directors have not undertaken a formal assessment of property values at the balance sheet date to support their assertion that the values have not changed materially since previous revaluations and acquisitions. We were unable to satisfy ourselves by alternative means concerning property carrying values as at 31st December 2024, which are included in the balance sheet heading freehold property totalling £8,486,788 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to the amounts were necessary.

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. Our evaluation of the directors' assessment of the group's and the parent company's ability to continue to adopt the going concern basis of accounting included Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included:

- Confirming our understanding of management’s going concern assessment process and obtaining management’s assessment which covers up to period 31 December 2025

- Challenging the key assumptions used by management in determining appropriateness of going concern assessment; and

- Assessing the appropriateness of the going concern disclosures by comparing their consistency with management’s assessment and for compliance with the relevant reporting requirements

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 and 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.

Emphasis of matter

We draw attention to Notes 3 and 11 to the accompanying financial statements, which set out the details of the Company's acquisition of a subsidiary during November for a total purchase consideration of £2,696,358. As disclosed therein, the fair value of the identifiable net assets acquired amounted to £561,369, with the resultant excess of consideration over net assets recognized as goodwill amounting to £2,134,989 in accordance with the requirements of FRS 102 (IFRS 3) Business Combinations. This significant transaction has been appropriately accounted for and disclosed by management in the financial statements. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page six, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting, taxation legislation, data protection, employment and health and safety legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to making enquiries of management and inspecting legal correspondence.

We communicated identified laws and regulations throughout our team and remained alert to any indications 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 the appropriateness of journal entries and other adjustments

· Assessed whether the judgements made in making accounting estimates were indicative of a potential bias

· Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.

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

· Enquiring of management as to actual and potential litigation and claims; and

· Reviewing correspondence with HMRC and any other relevant regulators as required.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to

become aware of it.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Mr T Afzal A.C.A. (Senior Statutory Auditor)

for and on behalf of BSS & Co (Accountancy Services) Limited

(Statutory Auditor)

75 Aston Road

Shifnal

Shropshire

TF11 8DU

29 September 2025

TURNOVER

13,759,206

11,651,744

Cost of sales

8,316,575

7,215,979

GROSS PROFIT

5,442,631

4,435,765

Administrative expenses

2,486,646

2,094,802

2,955,985

2,340,963

Other operating income

-

29,970

OPERATING PROFIT

4

2,955,985

2,370,933

Interest receivable and similar income

31,650

8,672

2,987,635

2,379,605

Interest payable and similar expenses

5

550,930

519,951

PROFIT BEFORE TAXATION

2,436,705

1,859,654

Tax on profit

6

661,030

449,839

PROFIT FOR THE FINANCIAL YEAR

1,775,675

1,409,815

Profit attributable to:

Owners of the parent

1,775,675

1,409,815

PROFIT FOR THE YEAR

1,775,675

1,409,815

OTHER COMPREHENSIVE INCOME

Revaluation surplus

(134,975

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(134,975

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,640,700

1,409,815

Total comprehensive income attributable to:

Owners of the parent

1,640,700

1,409,815

FIXED ASSETS

Intangible assets

9

2,131,406

81,153

Tangible assets

10

16,628,799

16,181,757

Investments

11

-

-

18,760,205

16,262,910

CURRENT ASSETS

Stocks

12

35,199

27,899

Debtors

13

1,025,015

1,034,671

Prepayments and accrued income

55,240

10,196

Cash at bank and in hand

2,181,730

1,520,366

3,297,184

2,593,132

CREDITORS

Amounts falling due within one year

14

2,805,196

2,196,233

NET CURRENT ASSETS

491,988

396,899

TOTAL ASSETS LESS CURRENT LIABILITIES

19,252,193

16,659,809

CREDITORS

Amounts falling due after more than one year

15

(8,413,745

)

(6,821,566

)

PROVISIONS FOR LIABILITIES

19

(1,982,051

)

(1,975,598

)

NET ASSETS

8,856,397

7,862,645

CAPITAL AND RESERVES

Called up share capital

20

120

120

Revaluation reserve

21

4,468,122

4,603,097

Retained earnings

21

4,388,155

3,259,428

SHAREHOLDERS' FUNDS

8,856,397

7,862,645

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A K Haines - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

2,696,459

101

2,696,459

101

CURRENT ASSETS

Debtors

13

-

3,470

Cash at bank

289

49

289

3,519

CREDITORS

Amounts falling due within one year

14

805,081

-

NET CURRENT (LIABILITIES)/ASSETS

(804,792

)

3,519

TOTAL ASSETS LESS CURRENT LIABILITIES

1,891,667

3,620

CREDITORS

Amounts falling due after more than one year

15

1,888,131

-

NET ASSETS

3,536

3,620

CAPITAL AND RESERVES

Called up share capital

20

120

120

Retained earnings

21

3,416

3,500

SHAREHOLDERS' FUNDS

3,536

3,620

Company's profit for the financial year

646,864

565,935

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A K Haines - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

120

2,415,548

4,603,097

7,018,765

Changes in equity

Dividends

-

(565,935

)

-

(565,935

)

Total comprehensive income

-

1,409,815

-

1,409,815

Balance at 31 December 2023

120

3,259,428

4,603,097

7,862,645

Changes in equity

Dividends

-

(646,948

)

-

(646,948

)

Total comprehensive income

-

1,775,675

(134,975

)

1,640,700

Balance at 31 December 2024

120

4,388,155

4,468,122

8,856,397

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

120

3,500

3,620

Changes in equity

Dividends

-

(565,935

)

(565,935

)

Total comprehensive income

-

565,935

565,935

Balance at 31 December 2023

120

3,500

3,620

Changes in equity

Dividends

-

(646,948

)

(646,948

)

Total comprehensive income

-

646,864

646,864

Balance at 31 December 2024

120

3,416

3,536

Cash flows from operating activities

Cash generated from operations

1

3,944,291

2,445,231

Interest paid

(538,233

)

(509,471

)

Interest element of hire purchase payments paid

(12,697

)

(10,480

)

Tax paid

(589,279

)

(338,598

)

Net cash from operating activities

2,804,082

1,586,682

Cash flows from investing activities

Purchase of intangible fixed assets

(2,696,398

)

-

Purchase of tangible fixed assets

(155,035

)

(392,688

)

Interest received

31,650

8,672

Net cash from investing activities

(2,819,783

)

(384,016

)

Cash flows from financing activities

New loans in year

2,000,000

-

Loan repayments in year

(347,971

)

(395,500

)

Capital repayments in year

(30,309

)

179,855

Amount withdrawn by directors

(297,707

)

9,687

Equity dividends paid

(646,948

)

(565,935

)

Net cash from financing activities

677,065

(771,893

)

Increase in cash and cash equivalents

661,364

430,773

Cash and cash equivalents at beginning of year

2

1,520,366

1,089,593

Cash and cash equivalents at end of year

2

2,181,730

1,520,366

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

2,436,705

1,859,654

Depreciation charges

227,833

189,899

Finance costs

550,930

519,951

Finance income

(31,650

)

(8,672

)

3,183,818

2,560,832

Increase in stocks

(7,300

)

(2,355

)

Decrease/(increase) in trade and other debtors

251,907

(165,035

)

Increase in trade and other creditors

515,866

51,789

Cash generated from operations

3,944,291

2,445,231

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,181,730

1,520,366

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,520,366

1,089,593

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,520,366

661,364

2,181,730

1,520,366

661,364

2,181,730

Debt

Finance leases

(189,455

)

30,309

(159,146

)

Debts falling due within 1 year

(395,497

)

(32,382

)

(427,879

)

Debts falling due after 1 year

(6,662,804

)

(1,619,648

)

(8,282,452

)

(7,247,756

)

(1,621,721

)

(8,869,477

)

Total

(5,727,390

)

(960,357

)

(6,687,747

)

1.	STATUTORY INFORMATION

Northgate Healthcare Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In order to properly apply the company's accounting policies, as described in note 1 above, the directors are required to make judgements and estimates in respect of carrying values of assets and liabilities which may not be apparent from other sources of information. The directors base these critical accounting judgements and estimations on previous historical experience and other factors which the directors judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis.

Key sources of estimation uncertainty

The key sources of estimation uncertainty which have a significant effect on the amounts recognised in the financial statements are described below:

Property valuation

The care homes owned by the company have been revalued on a regular basis, the latest of these being based on professional valuations prepared in 2022 on two of the homes with the remaining two being in 2017. These have been reviewed each year by the directors. Although this complies with the relevant accounting standards there is a possibility that the realisable value of the homes may differ to the values used in the event of a sale.

Turnover

Turnover represents the fees derived from the provision of care services to residents during the year. Income is recognised on a daily basis for the provision of care services.

Goodwill

Goodwill, being the amount paid in connection with acquisition of care homes in 2007, 2010, 2015 and 2017 is being amortised evenly over its estimated useful economic life of 10 years. In addition goodwill on the purchase of Leacroft Lodge Limited purchased in 2024 is also being amortised evenly over its estimated useful economic life of 10 years. An annual impairment review has been carried out on the carrying value of goodwill and an adjustment is made where necessary.

Intangible assets

Intellectual property rights and books of account, being the amount paid in connection with the acquisition of a care home in 2010, are is being amortised evenly over its estimated useful economic life of 10 years. An annual impairment review has been carried out on the carrying value and an adjustment is made where necessary.