Company registration number 05969702 (England and Wales)
WESTGATE HEALTHCARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WESTGATE HEALTHCARE GROUP LIMITED
COMPANY INFORMATION
Directors
A. P. Patel
P. S. Patel
S. C. Patel
S. P. Foxon
T. D. Teubner
Company number
05969702
Registered office
Unit 3 Devonshire Business Park
Chester Road
Borehamwood
Hertfordshire
WD6 1NA
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Business address
Unit 3 Devonshire Business Park
Chester Road
Borehamwood
Hertfordshire
WD6 1NA
WESTGATE HEALTHCARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group profit and loss Account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 37
WESTGATE HEALTHCARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the Business

The Group has continued to deliver strong results, with turnover increasing on the prior year. This growth was supported by higher average weekly bed fees and improved occupancy levels. As well as continuing t o expand by building further care homes, significant investment was made in refurbishing several existing homes, further enhancing the comfort and wellbeing of residents.

Throughout the year, Westgate Healthcare remained committed to delivering uninterrupted, high-quality care. The directors are proud that our care homes continued to achieve strong ratings from the Care Quality Commission (CQC), reflecting our compassionate approach and our unwavering focus on excellence.

Our care homes maintain strong and collaborative partnerships with local authorities, the NHS and community organisations, ensuring continuity of care and access to vital resources for our residents.

Principal Risks and Uncertainties

The Group operates in a highly competitive and regulated sector. We continue to put residents at the heart of everything we do ensuring that care is provided with dignity, respect and compassion, in a homely and safe environment.

Government initiatives to raise care standards are welcomed, and we remain credible in our response by continually adapting our operational practices to meet evolving requirements. However, limited funding from local authorities has resulted in an increased proportion of self-funding residents, creating demand for high-quality facilities and accommodation.

Description of Principal Risks

Reputational Risk

The delivery of poor or inappropriate care would harm our reputation and impact our ability to attract new residents. To mitigate this, we have robust performance monitoring systems in place, with regular reporting to senior management and the Board. This ensures that any concerns are addressed promptly and transparently, in line with our credible and committed values.

Health and Safety

The safety of residents, staff, and visitors is paramount. We believe that no serious injury is acceptable. Everyone in the organisation shares accountability for health and safety, supported by training, resources, and specialist oversight. This approach reflects our compassionate duty of care and our commitment to maintaining safe environments across all homes.

Financial Risk

The company is exposed to interest rate risk through floating-rate borrowings on long-term loans. We mitigate this by maintaining strong cash balances, limiting new debt, and building occupancy rates to enhance cash flow coverage. This prudent approach reflects our credible financial stewardship.

Employment of Staff

The skills, expertise, and dedication of our people are the foundation of our success. Like the wider sector, we face challenges from a national shortage of qualified nursing staff. To address this, our proactive Human Resources and Recruitment team has strengthened domestic recruitment initiatives, while also responsibly recruiting from overseas where needed. Over the past year, we have reduced reliance on agency staff, improved staff retention, and enhanced employee wellbeing, demonstrating our collaborative and committed culture.

WESTGATE HEALTHCARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future developments and performance

Looking ahead, the Group's strategy is to consolidate its strong position while pursuing sustainable growth. Opportunities will be explored through the extension of existing facilities, the development of new homes and potential acquisitions. Several projects are currently in the pipeline and we aspire to expand steadily over the next five year, adding capacity while safeguarding the high standard of care that define our reputation.

Ongoing pressure on Government and Local Authority budgets continues to reduce fee levels for funded residents. As a result, the company is focusing on enhancing its offer to privately funded individuals, while ensuring inclusivity and access for all.

Our long-term ambition is to grow responsibly, underpinned by our values:

- Compassionate in the care we provide,

- Committed to quality and continuous improvement,

- Collaborative in building strong partnerships,

- Credible in maintaining the trust of residents, families, regulators, and communities.

Key performance indicators

The Key Performance Indicators used by the directors to assess the performance of the Group are as follows:

| 2024 | 2023 | 2022
| £ | £ | £
Turnover Operating profit Average care home occupancy rates | 38,263,927 8,117,379 92% | 32,420,533 4,166,381 87% | 30,315,232 3,762,843 88%

Other information and explanations
Section 172(1) statement

The directors have acted in accordance with their legal duties, including their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

The directors make decisions to promote the long-term growth and success of the Group not only for the benefit of shareholders, but also for the benefit of their staff, service users and all other key stakeholders. They do this by seeking to put the Group’s customers’ best interests first, invest in its employees, support the communities in which it operates and aiming to generate sustainable profits for shareholders.

Section 172 considerations are embedded in decision making. Issues, factors and stakeholders which the directors have considered when discharging their duty under section 172(1) and a note of how competing stakeholder needs have been managed are summarised below:

The Group strives to provide the best care to its care home residents by taking the time to engage with them to understand their needs and how they can be met. For example, the Group committed to meeting various needs by introducing the provision of a wide range of activities, special interest groups and community events. The Group also has a quality assurance programme whereby additional quality monitoring visits have been commissioned from outside care professionals. This makes use of an external eye to further improve and enhance the quality of leadership and the quality of care across the Group’s care homes.

The Group also strives to embed the homes in the local community by engaging with local organisations. It has made a commitment to the wider environment by promoting measures such as green travel and a developing programme of “going paperless” as soon as possible.

WESTGATE HEALTHCARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors recognise that the long-term success of the Group is heavily reliant on having a capable, motivated, and loyal workforce at all levels across its operations. The directors encourage management to put forward ideas to the board, and as a more general point, take ownership and responsibility as part of one’s role. Ability, effort and loyalty of all employees is rewarded with good rates of pay, training, job security and opportunity. The Group’s care homes and hotel are significant employers in the areas in which they are located and the directors have regard to the importance of this employment to the employees when making long term decisions and when recruiting for vacancies.

It is the Group’s policy to pay dividends at a level sufficient to reward the shareholders for their investment, whilst leaving sufficient profits and cash in the business to meet long-term working capital needs and to allow the directors to take advantage of new opportunities for growth as they arise.

The directors are increasingly aware of their role in limiting the Group’s impact on the environment and have taken steps to source suitable sustainable supplies where possible and maximise recycling across the Group’s operations.

Carbon reporting and the environment
The Group supports the drive for sustainable business and reducing the impact on the environment. The Group is required to make disclosures under Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
Energy use in kWh
Greenhouse gas emissions in kgCO2e
2024
2023
2024
2023
Electricity
1,988,854
2,109,599
411,693
436,687
Gas
4,013,367
5,227,445
830,767
1,082,081
Transport
70,000
69,465
14,490
14,379
GHG intensity per £100 of sales is 0.326 kgCO2e (2023: 0.221 kgCO2e).
GHG emissions are from operationally controlled activities in accordance with WRI/WBCSD Reporting Protocols (Revised edition).The carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol. Conversion factors are taken from the 2022 Department for Business, Energy and Industrial Strategy Publication on the Government webpages.
The principal actions taken for increasing the Group's energy efficiency during the year were as follows:

- Reducing unnecessary and wasteful use of energy and water.

- Making more economical and effective use of products such as paper, glass, plastic, cans, batteries.

- Developing strategies and controls to protect the environment including discharges to drains, emissions to the atmosphere and land management.

- Promoting employee enthusiasm to ensure environmental improvements.

- Promoting and implementing recycling.

- Encouraging staff to promote their health and wellbeing, whilst reducing their carbon footprint through the implementation of a travel plan to include walking, cycling, use of public transport, car sharing initiatives and home working.

Where economically viable, the Group will look to buy/lease electric vehicles, install renewable energy generation equipment, upgrade lighting controls/modules and source green energy suppliers.

On behalf of the board

S. C. Patel
Director
2 October 2025
WESTGATE HEALTHCARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of a holding company of a group of companies owning and running residential care and nursing homes as well as the ownership and operation of a franchised hotel.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A. P. Patel
P. S. Patel
S. C. Patel
S. P. Foxon
T. D. Teubner
Results and dividends

The results for the year are set out on page 9.

Interim dividends were paid amounting to £648,029 (2023: £732,927). The directors do not recommend payment of a final dividend.

Disabled persons

The Group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

The Group's policy is to consult and discuss with employees matters likely to affect their interests.

Information o n matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the G roup's performance.

Future developments

Details of future developments are provided in the Strategic Report.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

WESTGATE HEALTHCARE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company, 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;

- state whether the financial statements have been prepared in accordance with applicable accounting standards , identify those standards, and note the effect and the reasons for any material departure from those standards; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and C ompany will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S. C. Patel
Director
2 October 2025
WESTGATE HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTGATE HEALTHCARE GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Westgate Healthcare Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WESTGATE HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTGATE HEALTHCARE GROUP LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the reporting framework (FRS 102, the Companies Act 2006), those required by the Care Quality Commission, the Houses in Multiple Occupation (HMO), those laws and regulations relating to health and safety, food and employment matters and the relevant direct and indirect tax compliance regulation in the United Kingdom.

- We understood how the group is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance and review of legal and professional expenses.

WESTGATE HEALTHCARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTGATE HEALTHCARE GROUP LIMITED
- 8 -

- We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised.

- 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Simou FCA (Senior Statutory Auditor)
For and on behalf of TC Group
2 October 2025
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
WESTGATE HEALTHCARE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
38,263,927
32,420,533
Cost of sales
(2,435,994)
(2,307,199)
Gross profit
35,827,933
30,113,334
Administrative expenses
(27,732,313)
(26,015,765)
Other operating income
21,759
68,812
Operating profit
4
8,117,379
4,166,381
Interest receivable and similar income
55,478
30,547
Interest payable and similar expenses
8
(3,942,755)
(3,439,405)
Impairment of fixed assets
(85,000)
(91,002)
Profit before taxation
4,145,102
666,521
Tax on profit
9
(1,201,827)
(479,838)
Profit for the financial year
23
2,943,275
186,683
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WESTGATE HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
2,943,275
186,683
Other comprehensive income
Revaluation of tangible fixed assets
3,199,077
4,462,772
Tax relating to other comprehensive income
(799,769)
(1,126,779)
Other comprehensive income for the year
2,399,308
3,335,993
Total comprehensive income for the year
5,342,583
3,522,676
Total comprehensive income for the year is all attributable to the owners of the parent company.
WESTGATE HEALTHCARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,538,232
-
0
Tangible assets
12
146,106,757
113,988,110
Investments
13
58,600
58,600
150,703,589
114,046,710
Current assets
Stocks
7,900
7,900
Debtors
14
2,357,048
10,632,239
Cash at bank and in hand
4,855,171
4,267,442
7,220,119
14,907,581
Creditors: amounts falling due within one year
15
(27,105,756)
(14,926,617)
Net current liabilities
(19,885,637)
(19,036)
Total assets less current liabilities
130,817,952
114,027,674
Creditors: amounts falling due after more than one year
16
(49,127,905)
(39,239,124)
Provisions for liabilities
Deferred tax liability
20
(16,592,331)
(14,385,388)
(16,592,331)
(14,385,388)
Net assets
65,097,716
60,403,162
Capital and reserves
Called up share capital
21
12,500
12,500
Revaluation reserve
22
46,030,098
43,630,790
Profit and loss reserves
23
19,055,118
16,759,872
Total equity
65,097,716
60,403,162
The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
02 October 2025
S. C. Patel
Director
Company registration number 05969702 (England and Wales)
WESTGATE HEALTHCARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
128,176
176,793
Investments
13
12,879,572
4,264,202
13,007,748
4,440,995
Current assets
Debtors
14
26,623,391
27,232,575
Cash at bank and in hand
3,669,426
1,301,942
30,292,817
28,534,517
Creditors: amounts falling due within one year
15
(23,283,028)
(11,358,362)
Net current assets
7,009,789
17,176,155
Total assets less current liabilities
20,017,537
21,617,150
Creditors: amounts falling due after more than one year
16
(38,572)
(75,260)
Net assets
19,978,965
21,541,890
Capital and reserves
Called up share capital
21
12,500
12,500
Profit and loss reserves
23
19,966,465
21,529,390
Total equity
19,978,965
21,541,890

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £914,896 (2023 - £1,673,519 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
02 October 2025
S. C. Patel
Director
Company registration number 05969702 (England and Wales)
WESTGATE HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
12,500
42,003,305
15,597,608
57,613,413
Year ended 31 December 2023:
Profit for the year
-
-
186,683
186,683
Other comprehensive income:
Revaluation of tangible fixed assets
-
4,462,772
-
4,462,772
Tax relating to other comprehensive income
-
(1,126,779)
-
0
(1,126,779)
Total comprehensive income
-
3,335,993
186,683
3,522,676
Dividends
10
-
-
(732,927)
(732,927)
Transfers
-
(1,708,508)
1,708,508
-
Balance at 31 December 2023
12,500
43,630,790
16,759,872
60,403,162
Year ended 31 December 2024:
Profit for the year
-
-
2,943,275
2,943,275
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,199,077
-
3,199,077
Tax relating to other comprehensive income
-
(799,769)
-
0
(799,769)
Total comprehensive income
-
2,399,308
2,943,275
5,342,583
Dividends
10
-
-
(648,029)
(648,029)
Balance at 31 December 2024
12,500
46,030,098
19,055,118
65,097,716
WESTGATE HEALTHCARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
12,500
23,935,836
23,948,336
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(1,673,519)
(1,673,519)
Dividends
10
-
(732,927)
(732,927)
Balance at 31 December 2023
12,500
21,529,390
21,541,890
Year ended 31 December 2024:
Profit and total comprehensive income
-
(914,896)
(914,896)
Dividends
10
-
(648,029)
(648,029)
Balance at 31 December 2024
12,500
19,966,465
19,978,965
WESTGATE HEALTHCARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
9,344,497
6,700,933
Interest paid
(3,982,811)
(2,994,014)
Income taxes (paid)/refunded
(851,478)
116,296
Net cash inflow from operating activities
4,510,208
3,823,215
Investing activities
Purchase of business
(43,870)
-
Purchase of tangible fixed assets
(5,059,556)
(719,477)
Proceeds on disposal of tangible fixed assets
-
2,354,498
Interest received
55,478
30,547
Net cash (used in)/generated from investing activities
(5,047,948)
1,665,568
Financing activities
Proceeds of new bank loans
4,489,826
3,870,000
Repayment of bank loans
(2,161,345)
(5,445,591)
Payment of finance leases obligations
(144,756)
(57,008)
Directors' loan account repayment
(409,965)
(344,326)
Dividends paid to equity shareholders
(648,029)
(732,927)
Net cash generated from/(used in) financing activities
1,125,731
(2,709,852)
Net increase in cash and cash equivalents
587,991
2,778,931
Cash and cash equivalents at beginning of year
4,267,180
1,488,249
Cash and cash equivalents at end of year
4,855,171
4,267,180
Relating to:
Cash at bank and in hand
4,855,171
4,267,442
Bank overdrafts included in creditors payable within one year
-
(262)
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Westgate Healthcare Group Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is at Unit 3 Devonshire Business Park, Chester Road, Borehamwood, Hertfordshire, WD6 1NA.

The Group consists of Westgate Healthcare Group Limited and all of its subsidiaries as shown in note 29.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Group. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £914,896 (2023 - £1,673,519 loss).

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Westgate Healthcare Group Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. All financial statements are made up to 31 December 2024.

All intra-group transactions, balances and unrealised gains on transactions between G roup companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the C ompany and the Group ha ve adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover

Turnover from t he Group's principal activity of rendering of residential care and nursing home services represents the amounts due in exchange for services rendered and is recognised as earned when, and to the extent that, the Group obtains the right to consideration in exchange for their performance. These services are exempt for VAT purposes.

Turnover from the Group's hotel services is recognised at the fair value of the consideration received or receivable for goods, memberships and hotel services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover reflects the accrual of the right to consideration by reference to the value of the services rendered. Turnover not billed is included in debtors and amounts received on account in excess of the relevant amount of revenue are included in creditors.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Leasehold improvements
depreciated over the life of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
15% reducing balance
Motor vehicles
25% straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the profit and loss account.

No depreciation is provided on the Group's freehold buildings. Given the length of life of the buildings and because they are maintained to high standards, it is the opinion of the directors that the residual value would be sufficiently high to make any depreciation charge immaterial.

Freehold property is held in the accounts under the revaluation model. Revaluations will be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

The land and buildings have been valued on an open value basis at 31 December 2024 by the directors but with reference to independent professional valuations undertaken in connection with the Group’s financing facilities.

The surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss account regardless of any such previous surplus.

On disposal or recognition of a provision for impairment of a revalued fixed asset any related balance remaining in the revaluation reserve is also transferred to the profit and loss account as a movement on reserves.

1.7
Impairment of fixed assets

At each reporting end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity.

Financial instruments are recognised in the G roup's statement of financial position when the G roup becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the G roup transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 Group after deducting all of its liabilities.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans between G roup companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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 company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.15
Bank borrowings

All borrowing costs, including interest incurred on loans used to finance construction projects, are recognised in the profit and loss over the term of the borrowing.

2
Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions concerning the future. The resulting accounting estimate will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The Group carries its freehold land and property under the revaluation model. The surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such a deficit, is charged or credited to the profit and loss account. The land and buildings have been valued on an open value basis at 31 December 2024 by the directors but with reference to independent professional valuations undertaken in connection with the Group's financing facilities. There is a degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
3
Turnover and other revenue

An analysis of the Group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Rendering of residential care and nursing home services
34,950,729
29,476,239
Property rental
104,832
48,855
Hotel Services
3,208,366
2,895,439
38,263,927
32,420,533
2024
2023
£
£
Other revenue
Interest income
55,478
30,547
Placement fees
21,759
21,973
Grants received
-
46,839
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of tangible fixed assets
649,172
627,144
Loss on disposal of tangible fixed assets
-
499,730
Amortisation of intangible assets
303,406
-
Operating lease charges
256,356
250,306
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Group and Company
30,000
16,800
Audit of the financial statements of the Company's subsidiaries
153,764
116,496
183,764
133,296
For other services
All other non-audit services
66,000
50,336
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
603,500
565,662
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
210,000
209,662

There were no key management personnel other than the directors.

7
Employees

The average monthly number of persons (including directors) employed by the Company and the Group during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operational and managerial staff
743
649
38
34

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
19,171,825
14,881,585
1,526,847
1,294,959
Social security costs
1,840,129
1,395,613
244,147
214,164
Pension costs
359,286
282,601
30,427
22,230
21,371,240
16,559,799
1,801,421
1,531,353
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,932,192
3,429,475
Other finance costs:
Interest on finance leases and hire purchase contracts
10,563
9,520
Other interest
-
410
Total finance costs
3,942,755
3,439,405
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,090,627
244,488
Adjustments in respect of prior periods
53
(331)
Total current tax
1,090,680
244,157
Deferred tax
Origination and reversal of timing differences
111,147
235,681
Total tax charge
1,201,827
479,838

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,145,102
666,521
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,036,276
156,632
Tax effect of expenses that are not deductible in determining taxable profit
107,301
126,892
Tax effect of utilisation of brought forward tax losses
(100,031)
-
0
Unutilised tax losses carried forward
68,796
-
0
Permanent capital allowances in excess of depreciation
(116,721)
(60,682)
Other non-reversing timing differences
73,756
261
Under/(over) provided in prior years
53
(331)
Deferred tax adjustments
111,147
235,681
Fair value movements not taxable
21,250
21,385
Taxation charge
1,201,827
479,838

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
799,769
1,126,779
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
10
Dividends
Recognised as distributions to equity holders:
2024
2023
2024
2023
per share
per share
£
£
Ordinary shares
Interim paid
16.80
16.80
648,029
732,927
Total dividends
Interim paid
648,029
732,927
Dividends of £191,983 (2023: £107,132) were waived by the shareholders during the year.
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
4,306,622
Additions
4,841,638
At 31 December 2024
9,148,260
Amortisation and impairment
At 1 January 2024
4,306,622
Amortisation charged for the year
303,406
At 31 December 2024
4,610,028
Carrying amount
At 31 December 2024
4,538,232
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
110,415,554
1,175,125
4,426,662
4,260,669
73,015
358,468
120,709,493
Additions
29,035,500
-
0
303,228
255,848
56,614
2,552
29,653,742
Revaluation
3,114,077
-
0
-
0
-
0
-
0
-
0
3,114,077
At 31 December 2024
142,565,131
1,175,125
4,729,890
4,516,517
129,629
361,020
153,477,312
Depreciation and impairment
At 1 January 2024
1,216
480,259
3,771,433
2,250,031
21,713
196,731
6,721,383
Depreciation charged in the year
-
0
112,645
157,772
298,492
7,629
72,634
649,172
At 31 December 2024
1,216
592,904
3,929,205
2,548,523
29,342
269,365
7,370,555
Carrying amount
At 31 December 2024
142,563,915
582,221
800,685
1,967,994
100,287
91,655
146,106,757
At 31 December 2023
110,414,338
694,866
655,229
2,010,638
51,302
161,737
113,988,110
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
(Continued)
Company
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
-
0
2,235
24,297
350,910
377,442
Additions
3,494
-
0
21,685
2,552
27,731
At 31 December 2024
3,494
2,235
45,982
353,462
405,173
Depreciation and impairment
At 1 January 2024
-
0
1,033
10,443
189,173
200,649
Depreciation charged in the year
467
180
3,067
72,634
76,348
At 31 December 2024
467
1,213
13,510
261,807
276,997
Carrying amount
At 31 December 2024
3,027
1,022
32,472
91,655
128,176
At 31 December 2023
-
0
1,202
13,854
161,737
176,793

Freehold land and buildings with a carrying amount of £139,449,838 (2023 - £105,035,085) have been pledged to secure borrowings of the Group. See note 17.

The land and buildings have been valued on an open value basis as at 31 December 2024 by the directors but with reference to independent professional valuations undertaken in connection with the group's financing facilities.

No depreciation is provided on the Group’s freehold buildings following revaluation or purchase. Given the length of life of the buildings and because they are maintained to high standards, it is the opinion of the directors that the residual value would be sufficiently high to make any depreciation charge immaterial.

The revaluation surplus is disclosed in note 22.

If the revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Group
Cost
84,355,662
59,995,052
Accumulated depreciation
(3,919,646)
(3,919,646)
Carrying value
80,436,016
56,075,406
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
29
-
0
-
0
12,849,572
4,234,202
Unlisted investments
58,600
58,600
30,000
30,000
58,600
58,600
12,879,572
4,264,202
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
58,600
Carrying amount
At 31 December 2024
58,600
At 31 December 2023
58,600
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
4,234,202
30,000
4,264,202
Additions
8,615,370
-
8,615,370
At 31 December 2024
12,849,572
30,000
12,879,572
Carrying amount
At 31 December 2024
12,849,572
30,000
12,879,572
At 31 December 2023
4,234,202
30,000
4,264,202
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,258,861
1,028,856
-
0
-
0
Corporation tax recoverable
120,885
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
26,517,660
18,349,400
Other debtors
21,809
8,881,739
-
0
8,784,386
Prepayments and accrued income
955,493
721,644
105,731
98,789
2,357,048
10,632,239
26,623,391
27,232,575
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
10,740,862
8,880,279
-
0
-
0
Obligations under finance leases
18
40,492
144,133
36,689
137,365
Trade creditors
3,612,227
2,601,358
44,878
38,189
Amounts owed to group undertakings
-
0
-
0
14,024,970
10,239,929
Corporation tax payable
603,873
249,513
(2,416)
141
Other taxation and social security
542,145
561,318
74,254
65,548
Other creditors
9,197,871
955,924
9,065,524
823,142
Accruals and deferred income
2,368,286
1,534,092
39,129
54,048
27,105,756
14,926,617
23,283,028
11,358,362
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
49,089,333
39,159,437
-
0
-
0
Obligations under finance leases
18
38,572
79,687
38,572
75,260
49,127,905
39,239,124
38,572
75,260
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,434,427
6,061,291
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
59,830,195
48,039,454
-
0
-
0
Bank overdrafts
-
0
262
-
0
-
0
59,830,195
48,039,716
-
-
Payable within one year
10,740,862
8,880,279
-
0
-
0
Payable after one year
49,089,333
39,159,437
-
0
-
0
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 30 -

The bank loans across the Group as at 31 December 2024 were as follows:

A loan from Triodos Bank NV secured by fixed and floating charges over the assets of Westgate Healthcare Limited, including its freehold property. The loan outstanding at the balance sheet date was £9,692,106 (2023: £7,565,118). During the year, interest was payable on the loan at a rate of 2.25% per annum above the Base Rate. The loan is to be repaid by 7 October 2036.

A loan from Clydesdale Bank PLC secured by fixed and floating charges over the assets of Westgate Healthcare (Chorleywood) Limited, including its freehold property. The loan outstanding at the balance sheet date was £6,151,901 (2023: £6,267,614). During the year, interest was payable on the loan at 3% per annum above the Base Rate and is repayable by quarterly instalments with a final balloon payment also becoming due on the termination date on 15 January 2026.

A loan from Coutts & Co. secured by fixed and floating charges over the assets of Westgate Healthcare (Aylesbury) Limited, including its freehold properties. The loan outstanding at the balance sheet date was £12,322,992 (2023: £12,860,596). Interest was payable on the loan at a rate of 6.41% per annum. The loan is repayable by quarterly instalments with a final balloon payment also becoming due on the termination date on 12 October 2026.

A loan from Coutts & Co. secured by fixed and floating charges over the assets of Westgate Healthcare (Hemel Hempstead) Limited, including its freehold property. The loan outstanding at the balance sheet date was £8,677,673 (2023: £9,055,982). Interest was payable on the loan at a rate of 6.41% per annum. The loan is repayable by quarterly instalments with a final balloon payment also becoming due on the termination date on 12 October 2026.

A loan from Coutts & Co. secured by fixed and floating charges over the assets of Mayfield Hospitality Properties Limited, fixed and floating charges over the assets of Mayfield Hospitality Limited and an unlimited guarantee from Westgate Healthcare Group Limited. The loan outstanding at the balance sheet date was £3,600,951 (2023: £3,786,687). Interest was payable on the loan at a rate of 2.70% per annum above SONIA. The loan is repayable by quarterly instalments with a final termination payment also becoming due on 1 July 2028.

A loan from Coutts & Co. secured by fixed and floating charges over the assets of Westgate Healthcare (Wanstead) Limited, including its freehold property. The loan outstanding at the balance sheet date was £6,796,500 (2023: £7,276,251). Interest was payable on the loan at a rate of 2.5% per annum above SONIA. The loan was due to be repaid by 3 June 2024.

A loan from Clydesdale Bank PLC is secured by fixed and floating charges over the assets of Westgate Healthcare (Braintree) Limited including its freehold land and property. Interest is payable on the loan at 2.5% per annum above LIBOR. Repayment of the bank loan commenced on 31 December 2019. The loan is repayable by quarterly instalments with a final balloon payment due to be repaid by 25 January 2024. However, the loan was extended and is now due to be repaid by January 2025. The loan outstanding at the balance sheet date was £1,811,250.

A development loan from Clydesdale Bank PLC is secured by fixed and floating charges over the assets of Westgate Healthcare (Borehamwood) Limited, including its freehold property. Interest is payable on the loan at 3.5% per annum above the Base Rate and the loan is repayable 90 days after Practical Completion of the nursing home, but it will be replaced by an investment loan from the bank.

A loan from Metro Bank Plc secured by fixed and floating charges over the assets of Westgate Healthcare Properties Limited, including one of its freehold properties, a cross company guarantee from Westgate Healthcare Group Limited, and a personal guarantee from Mr P.S. Patel, one of the directors. The loan outstanding at the balance sheet date was £443,299 (2023: £464,341). During the year, interest was payable on the loan at a rate of 3% per annum above the Base Rate. The loan is repayable monthly and will be repaid by 22 December 2036.

A loan from Metro Bank Plc secured by fixed and floating charges over the assets of Westgate Healthcare Properties Limited, including one of its freehold properties, a cross company guarantee from Westgate Healthcare Group Limited, and a personal guarantee from Mr P.S. Patel. The loan outstanding at the balance sheet date was £350,467 (2023: £388,189). During the year, interest was payable on the loan at 3% per annum above the Base Rate. The loan is repayable monthly and will be repaid by 31 January 2032.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 31 -

A loan from Metro Bank Plc secured by fixed and floating charges over the assets of Westgate Healthcare Properties Limited, including one of its freehold properties, and a personal guarantee from Mr P.S. Patel. The loan outstanding at the balance sheet date was £359,948 (2023: £374,676). During the year, interest was payable on the loan at a rate of 3% per annum above the Base Rate. The loan is repayable monthly and will be repaid by 5 January 2038.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
40,492
144,133
36,689
137,365
In two to five years
38,572
79,687
38,572
75,260
79,064
223,820
75,261
212,625

Finance lease payments represent rentals payable by the Group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
379,616
301,027

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the Group or Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
2,192,223
2,302,593
Revaluation of tangible fixed assets
14,400,108
12,082,795
16,592,331
14,385,388
The company has no deferred tax assets or liabilities.
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
14,385,388
-
Charge to profit or loss
111,147
-
Charge to other comprehensive income
799,769
-
Acquisition of businesses
1,296,027
-
Liability at 31 December 2024
16,592,331
-

Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so.

The expected net reversal of deferred tax assets and liabilities in 20 25 cannot be reliably estimated.

There is no expiry date on timing differences.

21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and called up
50,000 Ordinary shares of £1 each partly paid
12,500
12,500
22
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
43,630,790
42,003,305
-
0
-
0
Revaluation surplus arising in the year
3,199,077
4,462,772
-
0
-
0
Deferred tax on revaluation of tangible assets
(799,769)
(1,126,779)
-
-
Transfer to retained earnings
-
(1,708,508)
-
-
At the end of the year
46,030,098
43,630,790
-
0
-
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
16,759,872
15,597,608
21,529,390
23,935,836
Profit/(loss) for the year
2,943,275
186,683
(914,896)
(1,673,519)
Dividends
(648,029)
(732,927)
(648,029)
(732,927)
Transfer from revaluation reserve
-
1,708,508
-
-
At the end of the year
19,055,118
16,759,872
19,966,465
21,529,390
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
24
Acquisition of businesses

On 24 October 2024 the group acquired 100% percent of the issued capital of Westgate Healthcare (Braintree) Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
10,590,333
-
10,590,333
Trade and other receivables
58,028
-
58,028
Cash and cash equivalents
667,011
-
667,011
Borrowings
(1,841,438)
-
(1,841,438)
Trade and other payables
(3,739,732)
-
(3,739,732)
Deferred tax
(1,296,027)
-
(1,296,027)
Total identifiable net assets
4,438,175
-
4,438,175
Goodwill
1,162,195
Total consideration
5,600,370
The consideration was satisfied by:
£
Cash and loan account
5,600,370
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
583,814
Profit after tax
195,733
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Acquisition of businesses
(Continued)
- 34 -

On 24 September 2025 the group acquired 100% percent of the issued capital of Westgate Healthcare (Borehamwood) Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
14,003,853
-
14,003,853
Trade and other receivables
10,539
-
10,539
Cash and cash equivalents
345,155
-
345,155
Borrowings
(7,670,499)
-
(7,670,499)
Trade and other payables
(7,353,492)
-
(7,353,492)
Total identifiable net assets
(664,444)
-
(664,444)
Goodwill
3,679,444
Total consideration
3,015,000
The consideration was satisfied by:
£
Cash and loan account
3,000,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(325,818)
25
Operating lease commitments
Lessee

At the reporting end date, the Company and the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
198,658
186,985
67,652
79,168
Between two and five years
504,584
476,875
95,483
167,921
In over five years
46,219
113,246
-
-
749,461
777,106
163,135
247,089
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
1,253,897
-
-
-
27
Related party transactions

The remuneration of key management personnel, all of whom are directors, is disclosed in note 6.

At the year end the Directors were owed by the Group an aggregate amount of £9,067,689 (2023: £85,224), all of which is unsecured, interest free and repayable on demand.

At the year end, the Group was owed £nil (2023: £8,764,254) to companies over which the directors have significant influence. Th ese amount s were unsecured, interest free, and repayable on demand.

28
Controlling party

The directors have determined that there is no ultimate controlling party.

WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
29
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Mayfield Hospitality Limited
a)
Hotels and hospitality
Ordinary shares
100
-
Westgate Healthcare (Aylesbury) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Westgate Healthcare (Hemel Hempstead) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Westgate Healthcare (Wanstead) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Westgate Healthcare Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Westgate Healthcare Properties Limited
a)
Property Investment
Ordinary shares
100
-
Westgate Healthcare (Chorleywood) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Mayfield Hospitality Properties Limited
a)
Property Investment
Ordinary shares
0
100
Westgate Healthcare (Monkston) Limited
a)
Residential care and nursing home
Ordinary Shares
100
-
Westgate Healthcare (Cheshunt) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Mr Unique Limited
a)
Dormant
Ordinary shares
100
-
Westgate Healthcare (Braintree) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-
Westgate Healthcare (Borehamwood) Limited
a)
Residential care and nursing homes
Ordinary shares
100
-

Registered office addresses:

a) Unit 3 Devonshire Business Park, Chester Road, Borehamwood, Hertfordshire, WD6 1NA
WESTGATE HEALTHCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,943,275
186,683
Adjustments for:
Taxation charged
1,201,827
479,838
Finance costs
3,942,755
3,439,405
Investment income
(55,478)
(30,547)
(Gain)/loss on disposal of tangible fixed assets
-
499,730
Amortisation and impairment of intangible assets
303,406
-
Depreciation and impairment of tangible fixed assets
649,172
627,144
Revaluation of tangible fixed assets
85,000
91,002
Movements in working capital:
(Increase)/decrease in debtors
(644,868)
665,404
Increase in creditors
919,408
742,274
Cash generated from operations
9,344,497
6,700,933
31
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,267,442
587,729
4,855,171
Bank overdrafts
(262)
262
-
0
4,267,180
587,991
4,855,171
Borrowings excluding overdrafts
(48,039,454)
(11,790,741)
(59,830,195)
Obligations under finance leases
(223,820)
144,756
(79,064)
(43,996,094)
(11,057,994)
(55,054,088)
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