Ruddington (Holdings) Limited

	Page
Strategic Report	1—2
Director's Report	3
Independent Auditor's Report	4—6
Consolidated Profit and Loss Account	7
Consolidated Balance Sheet	8
Company Balance Sheet	9—10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15—22

The director presents his strategic report for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of Care Home Provider.

Review of the Business

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.

The group continues to operate three separate care homes for the elderly:

- Orchard House - Ruddington, Nottingham

- Balmore Country House - Ruddington, Nottingham

- St Peters - Ruddington, Nottingham

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being occupancy levels, turnover and direct wage costs of the business.

The group's key financial and other performance indicators during the year were as follows:

	Unit	2024	2023
Turnover	£	5,978,424	5,729,453
Average number of residents		117	121
Average weekly fee	£	982	910
Direct wages and National insurance	£	3,872,852	3,178,163
Wages as a percentage of turnover	%	65	55

The above indicators show a 4.3% increase in turnover for the year to 31 December 2024, there was an 8% increase in average weekly fees and a 3.3% decrease in average number of residents.

The decrease in average number of residents has not had a major impact on the financial stability of the group, and all 3 homes have maintained a steady flow of residents throughout the year, and operation at an average of 86% occupancy, a decrease of 1% from the previous year.

The group was charged a management fee of £537,084 (2023 - £1,200,000) during the year, which had a large impact on the results for the year. See note 26 exceptional items for more details.

A provision of £101,203 was included for potential bad debts.

When analysing the profitability of the group we use the earnings before interest, taxation, depreciation and amortisation (EBITDA) as the key indicator and also ignore any management fees. Using this method, the profitability of the group was as follows:

	2024	2023
	£	£
(Loss)/Profit before tax	(203,515)	(243,619)
Depreciation	370,561	386,475
EBITDA	167,046	142,856
Management fees - exceptional item	537,084	1,200,000
	704,130	1,342,856

The rising costs for wages and gas have put significant pressure on EBITDA, as they directly impact operating costs.

The balance sheet on page 8 of the financial statements shows that the net assets of the group have slightly decreased to £8,591,227 from £8,789,822.

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Ruddington (Holdings) Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

Financial risk includes credit risk and cashflow management. The group closely monitors its debtors to ensure credit risk is mitigated; in addition, the group monitors its cash reserves closely to ensure it is able to meet its commitments.

The government announced the introduction of the National Living Wage in 2016, aiming to raise it to £9.00 per hour for anyone over the age of 25. In 2019, it was recommended that workers become entitled to the National Living Wage at the age of 21 instead of 25. As of April 2021, this age of entitlement was lowered to 23.

The rate has gradually increased over the years, and by the end of the year, employees over the age of 21 were earning £11.44 per hour. Starting from 1 April 2025, the National Living wage rose to £12.21 for employees over 21 years of age.

In October 2024, the government announced plans to introduce a single adult wage rate applied to all workers over 18 years of age. This change will be phased in gradually to minimize its impact. At the end of the year, 18-20 year olds were paid £8.60 per hour under the National Minimum Wage, which will increase to £10 in April 2025, and then potentially to a single rate for everyone over 18 starting in April 2026.To minimise the impact of this increase a full review of staffing is continuously carried out with the aim of removing duplication of duties whilst ensuring the efficient operation of the homes. It is believed that by implementing the recommendations of this review there will be little overall impact on the key performance indicators.

Following the UK's Exit from the EU, there were changes to immigration rules, with a points-based system being introduced. The group does not employ any EU resident care workers and, whilst some nursing staff are recruited from the EU, these are all qualified to the required level and their pay is above the general salary threshold.

During 2022 the cost of gas rose by over 50%. Ofgem set a price cap for domestic customers but for businesses, particularly those with high energy consumption, there were no direct price caps, which meant they faced escalating costs without any ceiling or protection. This disproportionately affected industries such as care, manufacturing, hospitality, and retail, which rely heavily on energy to operate. Many businesses have been forced to either absorb the higher costs or pass them on to customers.

Looking forward, the continued rise in energy prices will be a lingering factor for many businesses, particularly those that did not have long-term energy contracts or hedging strategies in place. Energy efficiency and alternative energy sources might become more important for business sustainability moving forward. Some businesses may also be looking into government support schemes or funding programs to help with energy costs, but these may not be enough to fully offset the impact.

Fluctuating price inflation is a risk. The annual rate of inflation peaked at 11.1% in October 2022 and this had a knock-on effect on prices in 2023 and 2024, however, the annual rate of inflation has since decreased to around 3.4% by the end of 2024.

The group has a normal level of exposure to price, credit and liquidity risk arising from its trading activities which are only conducted in sterling.

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

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Ruddington (Holdings) Limited

Company No. 11785579

Director's Report For The Year Ended 31 December 2024

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2024.

Directors

The director who held office during the year was as follows:

Mr Paul Hearn

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless he is 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company and group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is 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 of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
the 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 company and group's auditors are aware of that information.

Independent Auditors

The auditors, Just Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the next General Meeting.

Disclosure of information in the strategic report

The group has chosen, in accordance with Section 414C (11) of the Companies Act 2006 to include certain matters in its strategic report that would otherwise be required to be disclosed in this Director's Report. The Strategic Report can be found on page 1 of these accounts.

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

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Independent Auditor's Report

to the Members of

Ruddington (Holdings) Limited

Independent Auditor's Report

Qualified opinion

We have audited the financial statements of Ruddington (Holdings) Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Notes to the Consolidated Statement of Cash Flows and the Notes to the Consolidated 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the accompanying financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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 audit evidence available to us in respect of the fixed assets was limited because when we were first appointed as auditors to the group for the year ended 30 June 2011 the corresponding figures for that year had been unaudited and the records relating to the historical cost of the land and buildings maintained by previous management of the group in the years preceding that date were not sufficiently detailed.

On transition to FRS 102, the group opted to carry the revalued fixed assets at deemed cost. As explained in the previous paragraph, the audit evidence with respect to fixed assets held at the transition date of 1 January 2014, before any transitional adjustments for the implementation of FRS 102, with a cost of £1,864,367 and a net book value of £1,254,702 was limited; as a consequence, on the transition to FRS 102, the audit evidence available in respect of the historic cost used to determine the revaluation reserve as at 1 January 2014 of £1,254,702 was also limited. We were unable to satisfy ourselves by alternative means by using other audit procedures.

Consequently, we were unable to determine whether any adjustment to the revaluation reserve was necessary. The fact that we were unable to obtain sufficient appropriate audit evidence regarding the cost of these fixed assets for the year ended 30 June 2011 and subsequent years and also regarding the revaluation reserve created when the group opted to carry fixed assets at deemed cost on transition to FRS 102 caused us to qualify our audit opinion on the financial statements relating to the year ended 30 June 2011 and subsequent years.

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director 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 Director's Report and the Strategic Report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the Director's Report and the Strategic Report. 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.

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Independent Auditor's Report (continued)

to the Members of

Ruddington (Holdings) Limited

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's 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 parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 or returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the group and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group 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 resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused 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, UK tax legislation and Care Quality Commission regulation, recognising the regulated nature of the group's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Ruddington (Holdings) Limited

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 that 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.

David Fletcher BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited , Statutory Auditor

30/09/2025

Just Audit Limited

Strelley Hall

Main Street

Strelley

Nottinghamshire

NG8 6PE

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Ruddington (Holdings) Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	4	5,978,424	5,729,453
Cost of sales		(228,790 )	(182,436 )

GROSS PROFIT		5,749,634	5,547,017

Administrative expenses		(5,416,059 )	(4,590,770 )

OPERATING PROFIT	5	333,575	956,247
Exceptional items		(537,084)	(1,200,000)
Other interest receivable and similar income	10	14	134
Interest payable and similar charges	11	(20 )	-

LOSS BEFORE TAXATION		(203,515 )	(243,619 )
Tax on Loss	12	4,920	2,369

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(198,595 )	(241,250 )

The notes on pages 14 to 22 form part of these financial statements.

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Ruddington (Holdings) Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 11785579

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		7,714,171		8,021,186

			7,714,171		8,021,186
CURRENT ASSETS
Stocks	16	600		600
Debtors	17	7,136,980		7,411,010
Cash at bank and in hand		134,496		147,377

		7,272,076		7,558,987
Creditors: Amounts Falling Due Within One Year	18	(6,153,319 )		(6,509,325 )

NET CURRENT ASSETS (LIABILITIES)			1,118,757		1,049,662

TOTAL ASSETS LESS CURRENT LIABILITIES			8,832,928		9,070,848

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(241,700 )		(281,025 )

NET ASSETS			8,591,228		8,789,823

CAPITAL AND RESERVES
Called up share capital	21		1,000		1,000
Revaluation reserve			4,602,880		4,602,880
Merger reserve			2,004,000		2,004,000
Profit and Loss Account			1,983,348		2,181,943

SHAREHOLDERS' FUNDS			8,591,228		8,789,823

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

The notes on pages 14 to 22 form part of these financial statements.

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Ruddington (Holdings) Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 11785579

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		1,000		1,000

			1,000		1,000
CURRENT ASSETS
Debtors	17	4,287,075		4,527,175
Cash at bank and in hand		158		100

		4,287,233		4,527,275
Creditors: Amounts Falling Due Within One Year	18	(4,287,275 )		(4,527,275 )

NET CURRENT ASSETS (LIABILITIES)			(42 )		-

TOTAL ASSETS LESS CURRENT LIABILITIES			958		1,000

NET ASSETS			958		1,000

CAPITAL AND RESERVES
Called up share capital	21		1,000		1,000
Profit and Loss Account			(42 )		-

SHAREHOLDERS' FUNDS			958		1,000

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Ruddington (Holdings) Limited

Company Balance Sheet (continued)

As At 31 December 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account. The company's loss for the year was £(42) (2023 : £nil).

On behalf of the board

...........................

Mr Paul Hearn

Director

Date

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

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Paul Hearn

Director

30/09/2025

The notes on pages 14 to 22 form part of these financial statements.

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Ruddington (Holdings) Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Merger reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2023	1,000	4,589,465	2,004,000	2,436,608	9,031,073
Loss for the year and total comprehensive income	-	-	-	(241,250 )	(241,250)

Transfer from revaluation reserve	-	-	-	(13,415)	(13,415)
Transfer to/from Profit & Loss Account	-	13,415	-	-	13,415

As at 31 December 2023 and 1 January 2024	1,000	4,602,880	2,004,000	2,181,943	8,789,823


Loss for the year and total comprehensive income	-	-	-	(198,595 )	(198,595)

As at 31 December 2024	1,000	4,602,880	2,004,000	1,983,348	8,591,228

The revaluation reserve, which is non distributable, represents the cumulative effect of the revaluation of the freehold land and buildings up to the date of transition to FRS 102, after which the group has adopted a deemed cost accounting policy.

The merger reserve was formed on 28 February 2019 when the group was formed (see note 15 for further details).

Profit and Loss Account records retained earnings and accumulated losses.

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Ruddington (Holdings) Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	1,000	-	1,000

As at 31 December 2023 and 1 January 2024	1,000	-	1,000


Loss for the year and total comprehensive income	-	(42 )	(42)

As at 31 December 2024	1,000	(42 )	958

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Ruddington (Holdings) Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	282,640	329,809
Interest paid		(20 )	-
Tax paid		(26,989 )	(340,365 )

Net cash generated from/(used in) operating activities		255,631	(10,556 )

Cash flows from investing activities
Purchase of tangible assets		(63,546 )	(101,698 )
Interest received		14	134

Net cash used in investing activities		(63,532 )	(101,564 )

Cash flows from financing activities
Movement on related party loans		(204,980)	77,176



Decrease in cash and cash equivalents		(12,881 )	(34,944 )
Cash and cash equivalents at beginning of year	2	147,377	182,321

Cash and cash equivalents at end of year	2	134,496	147,377

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Ruddington (Holdings) Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash generated from operations

	2024	2023
	£	£
Loss for the financial year	(198,595 )	(241,250 )
Adjustments for:
Tax on loss	(4,920 )	(2,369 )
Interest expense	20	-
Interest income	(14 )	(134 )
Depreciation of tangible assets	370,561	386,476
Movements in working capital:
(Increase)/decrease in trade and other debtors	(19,272 )	89,849
Increase in trade and other creditors	134,860	97,237

Net cash generated from operations	282,640	329,809

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	134,496	147,377

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	147,377	(12,881)	134,496
Debts falling due within one year	(5,875,386 )	498,282	(5,377,104 )

	(5,728,009)	485,401	(5,242,608)

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Ruddington (Holdings) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Ruddington (Holdings) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11785579 . The registered office is 2 Cheapside, Derby, DE1 1BR.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with the historical cost convention, as modified by the revaluation of certain fixed assets.

Items included in the financial statements are measured in sterling, the functional currency of the group.

Summary of disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102.

- Only one reconciliation of the number of shares outstanding at the beginning and the end of the period has been presented as the reconciliation of the group and the parent company would be identical;

- the profit and loss account of the parent company is not presented, in accordance with exemptions available under section 408 of the Companies Act 2006

- no statement of cash flows has been presented for the company.

3.2. Basis Of Consolidation

The consolidated financial statements present the results of the company and its subsidiary ("the Group") as if they formed a single entity. Profits or losses on intra-group transactions are eliminated in full.

On 28 February 2019 Ruddington (Holdings) Limited purchased the shares in Ruddington Homes Limited under a group reconstruction and has been accounted for using merger accounting principles. Therefore, although the group reconstruction did not become effective until 28 February 2019 the consolidated financial statements of Ruddington (Holdings) Limited are presented as if Ruddington Homes Limited and Ruddington (Holdings) Limited had always been part of the same Group.

Uniform group accounting policies are used for determining the amounts to be included in the consolidated financial statements. Where necessary, amounts which have been reported by subsidiary undertakings in their individual financial statements are adjusted for on consolidation.

3.3. Going Concern Disclosure

At the time of approving the financial statements, the director has a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future due to the fact that the group has continued to trade well. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3.4. Significant judgements and estimations

In preparing these financial statements, the director has made the following judgements:

Determined whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic conditions and estimated market values of the assets.

Key sources of estimation uncertainty

The preparation of the group financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies.

Freehold properties, included at deemed cost and other tangible fixed assets included at cost, are depreciated over their useful lives taking into account residual values, where appropriate. The land value, the estimated lives of the assets and their residual values are assessed annually and may vary depending on a number of factors. In addition, deferred tax is provided on the difference between the deemed cost and the indexed cost of the properties.

3.5. Turnover

Turnover represents the amounts chargeable during the period in respect of the provision of care services.

The group recognises revenue when it can be reliably measured and it is probable that future economic benefit will flow to the entity.

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.6. Tangible Fixed Assets and Depreciation

Freehold properties are measured at deemed cost less accumulated depreciation and any accumulated impairment losses. Other assets are stated in the consolidated balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value other than land, over their expected useful lives on the following bases:

Freehold	4% on deemed cost
Plant & Machinery	25% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	25% on reducing balance
Computer Equipment	25% on reducing balance

3.7. Investments

Investments in equity shares are measured at cost less impairment.

3.8. Leasing and Hire Purchase Contracts

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3.9. Stocks and Work in Progress

Stocks are valued at lower of cost and net realisable value.

3.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.11. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

4. Turnover

Analysis of turnover by class of business is as follows:

100% of the sales are generated in the UK and are in relation to the principal activity of care homes.

	2024	2023
	£	£
Rendering of services	5,978,424	5,729,453

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	41,197	60,005
Depreciation of tangible fixed assets	370,561	386,476

6. Auditor's Remuneration

Remuneration received by the group's auditors during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the group and company's financial statements	23,760	22,800

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	3,601,631	2,994,444
Social security costs	271,221	183,719
Other pension costs	56,077	38,285

	3,928,929	3,216,448

8. Average Number of Employees

Group

Average number of employees, including the director, during the year was: 140 (2023: 121)

Company

Average number of employees, including the director, during the year was: NIL (2023: NIL)

9. Director's remuneration

The director's remuneration for the year was as follows:

	2024	2023
	£	£
Director's Remuneration	-	-
Director's pension contributions	-	-
	-	-

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Other interest receivable	14	134

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Interest Payable and Similar Charges

	2024	2023
	£	£
Other finance charges	20	-

12. Tax on Profit

	Tax Rate		2024	2023
The tax credit on the loss for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	34,405	26,975
Deferred Tax
Deferred taxation movement			(39,325 )	(29,344 )


Total tax charge for the period			(4,920 )	(2,369 )


The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(203,515)	(243,619)

Tax on profit at 25% (UK standard rate)			(50,869 )	(57,299 )
Goodwill/depreciation not allowed for tax			74,974	70,161
Expenses not deductible for tax purposes			10,300	14,113
Deferred tax relating to changes in tax rates or laws			(39,325 )	(29,344 )

Total tax charge for the period			(4,920)	(2,369)

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 January 2024	502,000

As at 31 December 2024	502,000

Amortisation
As at 1 January 2024	502,000

As at 31 December 2024	502,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

Company

The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost or Valuation
As at 1 January 2024	9,497,946	421,053	35,984	1,078,550
Additions	-	38,114	-	25,093

As at 31 December 2024	9,497,946	459,167	35,984	1,103,643

Depreciation
As at 1 January 2024	1,865,886	338,363	27,358	787,749
Provided during the period	257,318	30,201	2,232	78,973

As at 31 December 2024	2,123,204	368,564	29,590	866,722

Net Book Value
As at 31 December 2024	7,374,742	90,603	6,394	236,921

As at 1 January 2024	7,632,060	82,690	8,626	290,801


	Computer Equipment	Total
	£	£
Cost or Valuation
As at 1 January 2024	489,038	11,522,571
Additions	339	63,546

As at 31 December 2024	489,377	11,586,117

Depreciation
As at 1 January 2024	482,029	3,501,385
Provided during the period	1,837	370,561

As at 31 December 2024	483,866	3,871,946

Net Book Value
As at 31 December 2024	5,511	7,714,171

As at 1 January 2024	7,009	8,021,186

Included in deemed cost of the land and buildings is the estimated cost of freehold land of £1,332,500 (2023 - £1,332,500) which is not depreciated.

Due to a change in accounting software, computer equipment is now shown separately.

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

15. Investments

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	1,000

As at 31 December 2024	1,000

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1,000

As at 1 January 2024	1,000

Details of undertaking

Details of the investment in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered Office	Holding	Proportion of voting rights and shares held
			2024	2023
Ruddington Homes Limited	2 Cheapside Derby DE1 1BR	Ordinary	100%	100%

Subsidiary Undertakings

Ruddington Homes Limited

The principal activity of Ruddington Homes Limited is Care home provider.

The subsidiary was acquired on 28 February 2019 from the holding company of a related party group of companies, which is under the same common control as Ruddington (Holdings) Limited, as part of a restructuring of both groups. The common controller gave up rights in Ruddington Homes Limited in return for shares in Ruddington (Holdings) Limited.

16. Stocks

	2024	2023
	£	£
Stock	600	600

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	411,783	415,779	-	-
Amounts owed by group undertakings	-	-	4,276,575	4,527,175
Amounts owed by participating interests	6,674,737	6,968,040	10,500	-
Other debtors	50,460	27,191	-	-

	7,136,980	7,411,010	4,287,075	4,527,175

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	173,390	235,413	-	-
Amounts owed to participating interests	5,377,104	5,875,386	4,287,275	4,527,275
Other creditors	25,050	23,661	-	-
Corporation tax	34,391	26,975	-	-
Taxation and social security	131,228	43,685	-	-
Accruals and deferred income	412,156	304,205	-	-

	6,153,319	6,509,325	4,287,275	4,527,275

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	241,700	281,025

20. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	281,025	281,025
Deferred taxation movement	(39,325 )	(39,325 )

Balance at 31 December 2024	241,700	241,700

Included in the above is a deferred tax liability of £38,412 (2023 - £74,012) in respect of freehold properties which the group is not currently intending to sell but for which provision has been made in compliance with FRS 102.

21. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000

22. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £56,077 (2023: £38,285).

At the balance sheet date contributions of £15,386 (2023: £10,826) were due to the fund and are included in creditors.

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Ruddington (Holdings) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

23. Directors Advances, Credits and Guarantees

Included within Creditors is the following loan from the director:

	2024	2023
	£	£
Mr Paul Hearn	4,420,347	4,528,524
	4,420,347	4,528,524

The above loan is unsecured, interest free and repayable on demand.

24. Related Party Disclosures

Loans to related parties

Included in debtors are the following amounts owing from related companies under common control:

	2024	2023
	£	£
At start of period	6,968,040	6,569,546
Advanced	558,060	1,612,325
Repaid	(851,363)	(1,213,831)
At end of period	6,674,737	6,968,040

Loans from related parties

Included in creditors are the following amounts owing to related companies under common control:

	2024	2023
	£	£
At start of period	1,346,862	57,368
Advanced	1,489,108	1,289,494
Repaid	(1,879,213)	-
At end of period	956,757	1,346,862

Loan accounts between the group and other related companies are all interest free and repayable on demand.

25. Controlling Parties

The company's controlling party is Mr Paul Hearn by virtue of his interest in the share capital of the company.

26. Exceptional Items

During the year, the group was charged a management fee of £537,084 (2023 - £1,200,000) by a company under common control.

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