ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Richmond Nursing Homes Limited

For the Year Ended 30 April 2025

Registered number: NI022097


Richmond Nursing Homes Limited

Company Information

Director	S Radcliffe


Company secretary	S Radcliffe


Registered number	NI022097


Registered office	19 Seafront Road
	Holywood
	Down
	BT18 0BB


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Danske Bank
	12-15 Donegall Square West
	Belfast
	BT1 6JH


Richmond Nursing Homes Limited

Contents

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 - 14

Independent Accountant's Report to the director of the unaudited financial statements of Richmond Nursing Homes Limited for the Year Ended 30 April 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Richmond Nursing Homes Limited for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Richmond Nursing Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Richmond Nursing Homes Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richmond Nursing Homes Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 30 April 2025 and you have acknowledged on the Balance sheet as at 30 April 2025 your duty to ensure that Richmond Nursing Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Richmond Nursing Homes Limited is exempt from the statutory audit requirement for the year ended 30 April 2025.

We have not been instructed to carry out an audit or review the financial statements of Richmond Nursing Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 28 October 2025

Page 1


Richmond Nursing Homes Limited Registered number:NI022097

Balance sheet

As at 30 April 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		818,486		854,516
Investment property	6		287,072		-
			1,105,558		854,516
Current assets
Debtors: amounts falling due within one year	7	995,309		948,309
Cash at bank and in hand	8	81,087		106,309
		1,076,396		1,054,618
Creditors: amounts falling due within one year	9	(445,490)		(435,679)
Net current assets			630,906		618,939
Total assets less current liabilities			1,736,464		1,473,455
Creditors: amounts falling due after more than one year	10		(313,880)		(217,655)
Provisions for liabilities
Deferred tax liability	12	(105,809)		(105,145)
			(105,809)		(105,145)
Net assets			1,316,775		1,150,655

Capital and reserves
Called up share capital	13	14,000	14,000
Revaluation reserve	14	66,928	66,928
Profit and loss account	14	1,235,847	1,069,727
		1,316,775	1,150,655

Page 2


Richmond Nursing Homes Limited Registered number:NI022097

Balance sheet (continued)

As at 30 April 2025

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2025.

S Radcliffe

Director

The notes on pages 5 to 14 form part of these financial statements.

Page 3


Richmond Nursing Homes Limited

Statement of changes in equity

For the Year Ended 30 April 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2024	14,000	66,928	1,069,727	1,150,655

Profit for the year	-	-	211,899	211,899
Dividends: Equity capital	-	-	(45,779)	(45,779)
At 30 April 2025	14,000	66,928	1,235,847	1,316,775

The notes on pages 5 to 14 form part of these financial statements.

Statement of changes in equity

For the Year Ended 30 April 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2023	14,000	66,928	949,723	1,030,651

Profit for the year	-	-	157,327	157,327
Dividends: Equity capital	-	-	(37,323)	(37,323)
At 30 April 2024	14,000	66,928	1,069,727	1,150,655

The notes on pages 5 to 14 form part of these financial statements.

Page 4


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

1.	General information

Richmond Nursing Homes Limited is a private company limited by shares and incorporated in Northern Ireland. The address of its registered office is:
19 Seafront Road
Holywood
Down
BT18 0BB
The principal activity of the company is the provision of residential nursing care facilities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:

2.2

Going concern

The director has assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Page 5


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% straight-line
Fixtures & fittings	-	15% straight-line
Office equipment	-	15% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

2.Accounting policies (continued)

2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 8


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

2.Accounting policies (continued)

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates 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:
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 50 (2024 - 56).

Page 9


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

5.	Tangible fixed assets

	Freehold property	Fixtures & fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	1,469,821	157,508	129,334	1,756,663
Additions	-	-	2,366	2,366
Disposals	-	(7,449)	(2,217)	(9,666)
At 30 April 2025	1,469,821	150,059	129,483	1,749,363
Depreciation
At 1 May 2024	650,096	156,047	96,004	902,147
Charge for the year	29,396	550	8,450	38,396
Disposals	-	(7,449)	(2,217)	(9,666)
At 30 April 2025	679,492	149,148	102,237	930,877
Net book value
At 30 April 2025	790,329	911	27,246	818,486
At 30 April 2024	819,725	1,461	33,330	854,516

6.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	287,072
	At 30 April 2025	287,072

The 2025 valuations were made by the director, on an open market value for existing use basis.

Page 10


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

Debtors

					2025	2024
					£	£


Trade debtors	100,406	83,195
Amounts owed by group undertakings	381,060	350,227
Other debtors	435,586	437,935
Prepayments and accrued income	4,517	3,212
Tax recoverable	73,740	73,740
	995,309	948,309

8.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	81,087	106,309
Less: bank overdrafts	(189,386)	(187,932)
	(108,299)	(81,623)

9.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	189,386	187,932
Bank loans	100,334	84,493
Trade creditors	10,068	11,496
Corporation tax	76,637	55,275
Other taxation and social security	22,839	24,201
Other creditors	26,793	59,380
Accruals and deferred income	19,433	12,902
	445,490	435,679

10.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	313,880	217,655
	313,880	217,655

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Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

Amounts falling due within one year
Bank loans	100,334	84,493
	100,334	84,493
Amounts falling due 1-2 years
Bank loans	60,967	91,729
	60,967	91,729
Amounts falling due 2-5 years
Bank loans	108,559	125,926
	108,559	125,926
Amounts falling due after more than 5 years
Bank loans	144,354	-
	144,354	-
	414,214	302,148

Bank loans are secured by way of a floating charge on the company and its properties. The loans are subject to interest at variable rates.

Page 12


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

12.	Deferred tax liability

	2025	2024
	£	£

At beginning of year	105,145	102,085
Charged to profit or loss	664	3,060
At end of year	105,809	105,145

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	89,077	88,922
Short term timing differences	-	(509)
Capital gains	16,732	16,732
	105,809	105,145

13.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

14,000 (2024 - 14,000) Ordinary shares of £1.00 each	14,000	14,000

14.

Reserves

Revaluation reserve

The revaluation reserve arose on application of the revaluation model for the Nursing home building prior to the adoption of FRS 102 and relates to the unrealised surplus on valuation net of related deferred tax.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 13


Richmond Nursing Homes Limited

Notes to the financial statements

For the Year Ended 30 April 2025

15.

Related party transactions

The company had the following related party transactions:
The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any parent undertaking which is wholly owned by a member of that group.
At the balance sheet date the amount owed from a company related by virtue of common control was £170,950 (2024: £170,950). There was no transactions with the company during the year. The loan is unsecured, interest free and repayable upon demand.
At the balance sheet date the amount owed from the director was £219,636 (2024: £219,636). There was no transactions with the director during the year. The loan is unsecured, interest free and repayable on demand.
During the year, the company purchased an investment property from a related party for a consideration of £275,000. There were no amounts owed to or from the related party at the balance sheet date.

16.	Controlling party

The controlling company is Sharon Radcliffe Holdings Limited, a company incorporated in Northern Ireland.
The ultimate controlling party of Richmond Nursing Homes Limited is Sharon Radcliffe due to her shareholding in the parent company.

Page 14