1.
General Information
FC Summerhill NH Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
05044268
. The registered office is C/O Millheath Nursing Home, Parret Road, Bettws, Newport, NP20 7DQ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Statement of Compliance
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, refunds, and discounts.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria concerning occupancy have been met.
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class
|
Amortisation method and rate
|
|
Goodwill
|
at 10% per annum on a straight-line basis
|
2.5.
Tangible Fixed Assets and Depreciation
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
2.6.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
2.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.9.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used
2.10.
2.10. - continued
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, being the invoiced value of the services provided. Should the normal terms of business be exceeded, trade debtors are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group and company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors 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 the group and company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price, being the invoiced value of the goods or services provided, and subsequently measured at amortised cost using the effective interest method, should the normal terms of business be exceeded.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group and company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
...CONTINUED
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Summary of disclosure exemptions
FC Summerhill NH Ltd has taken advantage of exemptions available under paragraphs 1.11 and 1.12 of FRS102 and as such have elected not to include a separate Cash flow statement for the parent company within these consolidated financial statements.
The company has taken advantage of exemptions available under Section 408 of the Companies Act 2006 and is therefore exempt from presenting its' own profit and loss account in the financial statements. the company profit and loss for the year is detailed on page 14 of these consolidated accounts.
A subsidiary is an entity controlled by the group and company. Control is defined as the power to govern the financial and operating policies of the entity so as to obtain economic benefit from its activity.
3.
Turnover
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Rendering of services
|
12,504,280
|
10,177,719
|
|
Grant received
|
-
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|
604
|
|
12,504,280
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|
10,178,323
|
4.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Operating lease rentals | - |
|
|
| Depreciation of tangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the group and company's financial statements |
|
|
|
| Other Services | |||
| Other non-audit services |
|
|
|
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Wages and salaries |
|
|
|
|
|||
| Social security costs |
|
|
|
|
|||
| Other pension costs |
|
|
|
|
|||
|
|
|
|
|
||||
7.
Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Nursing, caring and auxiliary |
|
|
|
| Management and administration |
|
|
|
|
|
|
||
Company
Average number of employees, including directors, during the year was: 58 (2024: 48)
8.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
9.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other interest receivable type | 11 | 11 | |
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Other finance charges |
|
|
|
| 346,618 | 432,524 | ||
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
( |
|||
| Origination and reversal of timing differences |
( |
|
|||
| (7,889) | 192,162 | ||||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 1,329,175 | 914,542 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
|
|
|||
| Short term timing differences |
|
|
|||
| Difference in tax rates |
|
|
|||
| Tax losses unutilised carried forward |
( |
|
|||
| Group relief |
|
( |
|||
| Deferred tax from unrecognised tax loss or credit |
|
( |
|||
| Total tax charge for the period | 254,514 | 313,424 | |||
12.
Tangible Assets
Group
Company
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
( |
|
|
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
|
...CONTINUED
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
( |
|
|
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
13.
Investments
Company
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
Subsidiaries
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
Millheath Nursing Home Parret Road Bettws Newport South Wales NP20 7DQ England & Wales |
|
|
- |
|
|
Millheath Nursing Home Parret Road Bettws Newport South Wales NP20 7DQ England & Wales |
|
|
- |
|
|
Millheath Nursing Home Parret Road Bettws Newport South Wales NP20 7DQ England & Wales |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Clearwater Care (Leadon Court) Limited |
|
|
| Forge Care Homes Limited |
|
|
| FC Mill Heath Ltd |
|
|
14.
Stocks
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Stock |
|
|
|
|
|||
15.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | 1,895,588 | 840,902 | |||
| Amounts owed by participating interests | 64,555 | 97,094 | 16,803 | 215,123 | |||
| Other debtors | 2,006,335 | 1,275,809 | 428,349 | 281,725 | |||
|
|
|
|
|
||||
16.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Amounts owed to group undertakings | - | - |
|
|
|||
| Amounts owed to participating interests | - |
|
|
|
|||
| Other creditors | 607,333 | 474,094 | 32,266 | 32,515 | |||
| Corporation tax |
|
|
|
|
|||
| Taxation and social security | 178,987 | 166,839 | 25,739 | 25,990 | |||
| Accruals and deferred income | 245,380 | 244,022 | 117,162 | 115,970 | |||
|
|
|
|
|
||||
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
17.
Creditors: Amounts Falling Due After More Than One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Bank loans |
|
|
|
|
|||
| Other creditors | - | 533,348 | - | 533,348 | |||
|
|
|
|
|
||||
18.
Loans
An analysis of the maturity of loans is given below:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due within one year or on demand: | |||||||
| Bank loans |
|
|
|
|
|||
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due between one and five years: | |||||||
| Bank loans |
|
|
|
|
|||
Natwest loan Acc 34116516 is denominated in £ with a nominal interest rate of 7%%, and the final instalment is due on 31 August 2029. The carrying amount at year end is £1,386,483 (2024 - £1,504,111).
The loan is secured by fixed charges and debentures over the freehold property held by the group and selected related parties. Furthermore, a fixed guarantee has been provided by the group and selected related parties.
Natwest Loan is denominated in £ with a nominal interest rate of 2% over base rate%, and the final instalment is due on 27 September 2033. The carrying amount at year end is £3,371,124 (2024 - £3,657,127).
The assets pledged as security in respect of this specific bank borrowing is Forge Care Centre, 287 Cowbridge Road, Cardiff. CF5 5TD, In addition to this there are also guarantees from Clearwater Care (leadon court) Limited, FC Mill Heath Ltd and FC Summerhill NH Limited.
19.
Deferred Taxation
The provision for deferred tax is made up as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Other timing differences | 982,959 | 990,848 | 45,232 | 52,153 | |||
20.
Provisions for Liabilities
| Group | ||
|---|---|---|
| Deferred Tax | Total | |
| £ | £ | |
| As at 1 April 2024 |
|
990,848 |
| Utilised |
( |
(7,889) |
| Balance at 31 March 2025 |
|
982,959 |
FC Summerhill NH Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
22.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £673,884 (2024: £106,910).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Mark Peniuk |
|
|
( |
- |
|
| Mr David Baines |
( |
|
|
- |
|
The above loan is unsecured, interest free and repayable on demand.