REGISTERED NUMBER: 15061905 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPRINGCARE (BULWELL) LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

8

FIXED ASSETS

Intangible assets

5

802,560

-

Tangible assets

6

2,672,181

-

3,474,741

-

CURRENT ASSETS

Debtors

7

387,876

100

Cash at bank and in hand

82,586

-

470,462

100

CREDITORS

Amounts falling due within one year

8

(3,729,040

)

-

NET CURRENT (LIABILITIES)/ASSETS

(3,258,578

)

100

TOTAL ASSETS LESS CURRENT LIABILITIES

216,163

100

PROVISIONS FOR LIABILITIES

(58,082

)

-

NET ASSETS

158,081

100

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

157,981

-

158,081

100

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 Income Statement 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

Springcare (Bulwell) 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:

15061905

Registered office:

Nicholson House

Shakespeare Way

Whitchurch

Shropshire

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 have been prepared in sterling, which is the functional currency of the entity.

GOING CONCERN

The Springcare investment 1 group forecast 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 Springcare Investment 1 Limited Group have steadily increased during the year and have continued to improve in the new financial year, which encourages us to believe that our forecasts are achievable.

The Director also considers that there is a reasonable expectation that the Company will have sufficient financial support from its fellow group companies when required and therefore have adequate resources to remain in operation for the foreseeable future. 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 and intangible 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.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of twenty years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings - 25% straight line

Land and building - not depreciated

Depreciation on land and buildings is not provided, as any uncharged depreciation for the year and the accumulated uncharged depreciation would be immaterial in aggregate, as a result of the estimated high residual value of the properties.

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.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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 Income Statement, 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.

DEFINED CONTRIBUTION PLANS

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.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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 64 (2023 - NIL ) .

4.	AUDITORS' REMUNERATION

Period

10.8.23

Year Ended

to

31.12.24

31.12.23

(Unaudited)

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

3,820

-

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

841,111

At 31 December 2024

841,111

AMORTISATION

Charge for year

38,551

At 31 December 2024

38,551

NET BOOK VALUE

At 31 December 2024

802,560

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

Additions

2,555,886

147,960

2,703,846

At 31 December 2024

2,555,886

147,960

2,703,846

DEPRECIATION

Charge for year

-

31,665

31,665

At 31 December 2024

-

31,665

31,665

NET BOOK VALUE

At 31 December 2024

2,555,886

116,295

2,672,181

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade debtors

195,004

-

Other debtors

189,069

100

Prepayments and accrued income

3,803

-

387,876

100

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade creditors

60,058

-

Amounts owed to group undertakings

3,414,855

-

Social security and other taxes

25,118

-

Other creditors

276

-

Amounts owed to connected companies

11,314

-

Accruals and deferred income

217,419

-

3,729,040

-

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

There is a fixed and floating charge dated 15 February 2024 over the company's assets, in favour of Clydesdale Bank PLC.

9.	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

10.	OTHER FINANCIAL COMMITMENTS

There are cross guarantees between the following companies: Oxtoncare Limited, Springcare (Davenham) Limited, Springcare (Macclesfield) Limited, Albrighton Properties Limited, Springcare (Albrighton) Limited, Springcare No3, Springcare (Ilkeston) Limited, Springcare (Eastwood) Limited and Springcare (Aspley) Limited totalling: £19,367,105.

11.	RELATED PARTY DISCLOSURES

12.	POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the Board.

13.	ULTIMATE CONTROLLING PARTY

14.	GOING CONCERN

The Springcare investment 1 group forecast 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 Springcare Investment 1 Limited Group have steadily increased during the year and have continued to improve in the new financial year, which encourages us to believe that our forecasts are achievable.

The Director also considers that there is a reasonable expectation that the Company will have sufficient financial support from its fellow group companies when required and therefore have adequate resources to remain in operation for the foreseeable future. For this reason, the Director continues to adopt the going concern basis in preparing the financial statements.