Company registration number 12979298 (England and Wales)
WHITECITY CAPITAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WHITECITY CAPITAL LTD
COMPANY INFORMATION
Director
Mr T Aroch
Company number
12979298
Registered office
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Auditor
Nuvo Audit Limited
First Floor, Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
Business address
33 Southover
London
N12 7JG
Bankers
Barclays Bank
1 Churchill Place
Canary Wharf
London
E14 5HP
WHITECITY CAPITAL LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
WHITECITY CAPITAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The Company is the holding company of a group comprising six residential care homes operating across England and Wales. The Company’s principal activity is the holding of investments in subsidiary undertakings and the provision of strategic direction, governance oversight and financial support to the group.

The underlying subsidiaries provide residential and nursing care services to elderly residents, including specialist dementia care, operating within the regulatory frameworks of England and Wales.

Review of the business

Performance and Financial Position

For the financial year ended 31 December 2024, the Company reported a net loss of £583,185 (2023: -£1,836,767) and net assets of £1,261,805 as at 31 December 2024 (2023: net liability of £869,979).

As the holding entity, the Company’s consolidated results primarily reflect trading income, operational costs, management charges (where applicable), and administrative expenses associated with oversight of its subsidiaries.

The Directors consider the financial position of the Company at the year end to be satisfactory. The Company maintains a strong net asset position, reflecting the long-term value of its investments in subsidiary undertakings.

No ordinary dividends were paid during the year. The Directors do not recommend the payment of a final dividend for the year ended 31 December 2024. Reserves have been retained to support the capital and working capital requirements of the group and to strengthen the Company’s financial position.

Principal risks and uncertainties

The Company’s principal risks arise indirectly through its investment in the care home operating subsidiaries. Key risks affecting the group include:

Regulatory Risk

The care sector in England and Wales is highly regulated. Subsidiaries are subject to oversight by the Care Quality Commission (CQC) in England and Care Inspectorate Wales (CIW). Changes in regulation, inspection outcomes, or compliance standards may impact trading performance and reputation.

Funding and Local Authority Risk

A proportion of residents are funded by local authorities. Changes in funding levels, commissioning policies, or delays in fee uplifts may affect profitability and cash flow across the group.

Staffing and Workforce Risk

The care sector faces ongoing recruitment and retention challenges, including wage inflation and reliance on agency staff. Increased staffing costs could impact margins within subsidiary undertakings.

Inflationary and Cost Pressures

Utilities, food, insurance, and maintenance costs remain subject to inflationary pressures. The Directors monitor cost controls and pricing strategies across the group to mitigate these pressures.

Financing and Liquidity Risk

The Company monitors the financial performance and cash flow forecasts of its subsidiaries to ensure adequate liquidity is maintained across the group.

The Directors review risks regularly and implement appropriate governance and monitoring procedures to manage and mitigate these risks.

WHITECITY CAPITAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

As a holding company, the Directors monitor both financial and operational indicators at group level, including:

- Occupancy levels across care homes at 92% for the year ended 2024 (2023 - 92%)

- Fee rates and revenue per bed at an average of £918 per week for 2024 (2023 - £895)

- Staff cost ratios 55% to turnover (2023 – 46%)

- EBITDA performance within subsidiaries with 2024 finishing at £328,835 (2023 Loss -£115,362)

- Regulatory ratings

- Cash flow forecasts

At Company level, key indicators include net asset value, profitability, and dividend capacity.

Other information and explanations

Going Concern

The Directors have prepared cash flow forecasts and projections for the group. Based on these forecasts and available financing facilities, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

On behalf of the board

Mr T Aroch
Director
14 April 2026
WHITECITY CAPITAL LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr M J Outmezguine
(Resigned 18 August 2025)
Mr T Aroch
Financial instruments

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about 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 group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

WHITECITY CAPITAL LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Future developments

The Company will continue to provide strategic oversight and financial support to its subsidiary undertakings. The Directors remain focused on:

- Maintaining high occupancy levels

- Managing cost pressures

- Ensuring continued regulatory compliance

- Strengthening the capital structure of the group

- Evaluating selective growth opportunities where appropriate

Looking forward, the Group continues to evaluate opportunities to expand through further acquisitions where they align with the Group’s strategic and financial objectives. Any future expansion will be subject to rigorous financial appraisal, operational due diligence and funding considerations. The Directors will ensure that any proposed acquisitions support long-term value creation while maintaining prudent financial management.

The Board remains cautiously optimistic regarding trading conditions for 2025, while acknowledging ongoing sector pressures.

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.

Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr T Aroch
Director
14 April 2026
WHITECITY CAPITAL LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

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

WHITECITY CAPITAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITECITY CAPITAL LTD
- 6 -
Opinion

We have audited the financial statements of Whitecity Capital Ltd (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 loss for the year then ended;

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

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

Basis for 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group'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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

- T he information given in the strategic report and the director's 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 director's report have been prepared in accordance with applicable legal requirements.

WHITECITY CAPITAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECITY CAPITAL LTD
- 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 director's 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WHITECITY CAPITAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECITY CAPITAL LTD
- 8 -

Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

- Management bias in respect of accounting estimates and judgements made;

- Management override of control;

- Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Group's financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.

- Reviewing minutes of meetings of those charged with governance where available.

- Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Other matters which we are required to address

The prior period financial statements have not been audited due to the Company and wider Group’s size being below audit thresholds.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Johnson FCCA (Senior Statutory Auditor)
For and on behalf of Nuvo Audit Limited, Statutory Auditor
First Floor, Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
15 April 2026
WHITECITY CAPITAL LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
8,262,491
9,172,362
Cost of sales
(6,039,623)
(5,898,050)
Gross profit
2,222,868
3,274,312
Administrative expenses
(2,038,537)
(3,916,066)
Other operating income
7,391
20,512
Operating profit/(loss)
4
191,722
(621,242)
Interest receivable and similar income
7
225,779
49,604
Interest payable and similar expenses
8
(1,000,575)
(1,252,086)
Loss before taxation
(583,074)
(1,823,724)
Tax on loss
9
(111)
(16,043)
Loss for the financial year
23
(583,185)
(1,839,767)
Loss for the financial year is attributable to:
- Owners of the parent company
(143,031)
(523,220)
- Non-controlling interests
(440,154)
(1,316,547)
(583,185)
(1,839,767)
WHITECITY CAPITAL LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Year
Period
ended
ended
31 December
31 December
2024
2023
£
£
Loss for the year
(583,185)
(1,839,767)
Other comprehensive income
Revaluation of tangible fixed assets
3,135,220
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
(715,375)
-
0
Other comprehensive income for the year
2,419,845
-
0
Total comprehensive income for the year
1,836,660
(1,839,767)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
582,922
(523,220)
- Non-controlling interests
1,253,738
(1,316,547)
1,836,660
(1,839,767)
WHITECITY CAPITAL LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,767,642
1,215,004
Total intangible assets
1,767,642
1,215,004
Tangible assets
11
18,769,779
9,099,744
20,537,421
10,314,748
Current assets
Stocks
14
4,100
-
Debtors
15
1,079,477
1,063,207
Cash at bank and in hand
1,236,432
491,176
2,320,009
1,554,383
Creditors: amounts falling due within one year
16
(2,837,144)
(6,181,478)
Net current liabilities
(517,135)
(4,627,095)
Total assets less current liabilities
20,020,286
5,687,653
Creditors: amounts falling due after more than one year
17
(17,006,005)
(6,546,974)
Provisions for liabilities
Deferred tax liability
19
1,752,476
10,658
(1,752,476)
(10,658)
Net assets/(liabilities)
1,261,805
(869,979)
Capital and reserves
Called up share capital
21
2,000
2,000
Revaluation reserve
22
725,953
-
0
Profit and loss reserves
23
(303,375)
(248,600)
Equity attributable to owners of the parent company
424,578
(246,600)
Non-controlling interests
837,227
(623,379)
Total equity
1,261,805
(869,979)
WHITECITY CAPITAL LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
14 April 2026
Mr T Aroch
Director
Company registration number 12979298 (England and Wales)
WHITECITY CAPITAL LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
480,885
117
Current assets
Debtors
15
917,151
3,277,601
Cash at bank and in hand
21,243
26,572
938,394
3,304,173
Creditors: amounts falling due within one year
16
(1,335,303)
(3,284,129)
Net current (liabilities)/assets
(396,909)
20,044
Net assets
83,976
20,161
Capital and reserves
Called up share capital
21
2,000
2,000
Profit and loss reserves
23
81,976
18,161
Total equity
83,976
20,161

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £63,815 (2023 - £24,227 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
14 April 2026
Mr T Aroch
Director
Company registration number 12979298 (England and Wales)
WHITECITY CAPITAL LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 August 2022
2,000
-
0
(196,369)
(194,369)
(405,533)
(599,902)
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(523,220)
(523,220)
(1,316,547)
(1,839,767)
Other movements
-
-
470,989
470,989
1,098,701
1,569,690
Balance at 31 December 2023
2,000
-
0
(248,600)
(246,600)
(623,379)
(869,979)
Year ended 31 December 2024:
Loss for the year
-
-
(143,031)
(143,031)
(440,154)
(583,185)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,135,220
-
3,135,220
-
3,135,220
Tax relating to other comprehensive income
-
(715,375)
-
0
(715,375)
-
(715,375)
Amounts attributable to non-controlling interests
-
(1,693,892)
-
(1,693,892)
1,693,892
-
Total comprehensive income
-
725,953
(143,031)
582,922
1,253,738
1,836,660
Other movements
-
-
88,256
88,256
206,868
295,124
Balance at 31 December 2024
2,000
725,953
(303,375)
424,578
837,227
1,261,805
WHITECITY CAPITAL LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
2,000
(6,066)
(4,066)
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
24,227
24,227
Balance at 31 December 2023
2,000
18,161
20,161
Year ended 31 December 2024:
Profit and total comprehensive income
-
63,815
63,815
Balance at 31 December 2024
2,000
81,976
83,976
WHITECITY CAPITAL LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(102,132)
3,176,853
Income taxes paid
(68,338)
-
0
Net cash (outflow)/inflow from operating activities
(170,470)
3,176,853
Investing activities
Purchase of subsidiaries, net of cash acquired
(5,672,294)
-
Purchase of tangible fixed assets
(52,757)
(6,049,637)
Proceeds from disposal of investments
-
1
Repayment of loans
(65,000)
-
Interest received
225,779
49,604
Net cash used in investing activities
(5,564,272)
(6,000,032)
Financing activities
Proceeds from borrowings
11,500,000
5,125,000
Repayment of borrowings
(3,692,847)
(628,035)
Repayment of bank loans
(307,233)
-
Interest paid
(1,000,575)
(1,252,086)
Net cash generated from financing activities
6,499,345
3,244,879
Net increase in cash and cash equivalents
764,603
421,700
Cash and cash equivalents at beginning of year
471,485
49,785
Cash and cash equivalents at end of year
1,236,088
471,485
Relating to:
Cash at bank and in hand
1,236,432
491,176
Bank overdrafts included in creditors payable within one year
(344)
(19,691)
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Whitecity Capital Ltd (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 39/43 Bridge Street, Swinton, Mexborough, South Yorkshire, S64 8AP.

The group consists of Whitecity Capital Ltd and all of its subsidiaries.

1.1
Reporting period

The reporting period for the comparative year is 1 August 2022 to 31 December 2023. As a result, the comparative information is not entirely comparable.

1.2
Basis of preparation

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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

This information is included in the consolidated financial statements of Whitecity Capital Ltd as at 31st December 2024 and these financial statements may be obtained from Companies house.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Business combinations

In the parent company financial statements, t he 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. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Whitecity Capital Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. 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 g roup.

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Going concern

The Directors have prepared the financial statements on the going concern basis. As part of considering the Group’s ability to continue operating as a going concern, the directors have reviewed forecasts for the Group that cover 12 months from the date of approval of these financial statements.

The Group has received confirmation from providers of current investor loans that have a principal value totalling £917,956 at 31 st December 2024 that whilst these loans are repayable on demand, the principal and accrued interest on these loans will not be called in for repayment unless the Group is able to repay amounts owed and continue operating as a going concern.

Taking into consideration the above, the Directors are confident that the Group will have sufficient resources available to enable it to continue to meet it’s liabilities as they fall due and as a result the Directors consider the going concern basis of preparation of these financial statements to be appropriate.

1.6
Revenue

Revenue comprises care home services provided net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the care home service has been provided. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.7
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 10 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.

1.8
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
2% straight line
Fixtures and fittings
15% reducing balance
Computers
33% straight line

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.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 company 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 at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group 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 debtors 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 m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group 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.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
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.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -

The Directors have made an assessment in respect of Whitecity Capital Ltd’s control over the direct and indirect investments it has shareholdings in. Whitecity Capital Ltd holds all of the voting rights in Whitecity Care 1 Limited, enabling it to pass resolutions and make decisions for that entity. Whitecity Capital Ltd does not hold the entire share capital in Whitecity Care 1 Limited but holds all voting rights for that entity because of share classes in Whitecity Care 1 Limited having varied rights. As a result of this, Whitecity Care 1 Limited and it’s own subsidiaries are considered to be controlled by Whitecity Capital Ltd and have been accounted for as subsidiaries in these group financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Care Home Income
8,262,491
9,172,362
2024
2023
£
£
Other revenue
Interest income
225,779
49,604
Grants received
2,663
4,984
Sundry income
4,728
15,528
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Government grants
(2,663)
(4,984)
Depreciation of tangible fixed assets
261,404
303,380
Amortisation of intangible assets
175,709
202,500
Impairment of trade debtors
206,852
114,570
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
4,200
-
Audit of the financial statements of the company's subsidiaries
88,200
-
92,400
-
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
250
188
1
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,170,763
3,891,419
-
0
-
0
Social security costs
281,371
231,304
-
-
Pension costs
90,903
61,362
-
0
-
0
4,543,037
4,184,085
-
0
-
0

No directors were remunerated in the group.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,201
2,229
Other interest income
223,578
47,375
Total income
225,779
49,604
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
243,504
1,184,298
Other interest on financial liabilities
752,550
67,186
Other interest
4,521
602
Total finance costs
1,000,575
1,252,086
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,170
5,385
Adjustments in respect of prior periods
6,447
-
0
Total current tax
14,617
5,385
Deferred tax
Origination and reversal of timing differences
(14,506)
10,658
Total tax charge
111
16,043

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

2024
2023
£
£
Loss before taxation
(583,074)
(1,823,724)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(145,769)
(455,931)
Tax effect of expenses that are not deductible in determining taxable profit
43,928
38,700
Tax effect of utilisation of tax losses not previously recognised
(692)
(820)
Unutilised tax losses carried forward
96,197
434,094
Adjustments in respect of prior years
6,447
-
0
Taxation charge
111
16,043

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
715,375
-
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
1,575,004
Additions
728,347
At 31 December 2024
2,303,351
Amortisation and impairment
At 1 January 2024
360,000
Amortisation charged for the year
175,709
At 31 December 2024
535,709
Carrying amount
At 31 December 2024
1,767,642
At 31 December 2023
1,215,004
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
8,909,250
524,109
6,952
9,440,311
Additions
-
0
29,847
2,194
32,041
Business combinations
6,691,429
72,749
-
0
6,764,178
Revaluation
2,850,750
-
0
-
0
2,850,750
At 31 December 2024
18,451,429
626,705
9,146
19,087,280
Depreciation and impairment
At 1 January 2024
184,239
153,072
3,256
340,567
Depreciation charged in the year
169,471
88,852
3,081
261,404
Revaluation
(284,470)
-
0
-
0
(284,470)
At 31 December 2024
69,240
241,924
6,337
317,501
Carrying amount
At 31 December 2024
18,382,189
384,781
2,809
18,769,779
At 31 December 2023
8,725,011
371,037
3,696
9,099,744
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
480,885
117
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
117
Additions
480,768
At 31 December 2024
480,885
Carrying amount
At 31 December 2024
480,885
At 31 December 2023
117
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Arranmore Park Rest Home Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
Bay Tree House (Wxm) Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
Brookdale Care Home Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
Cherry Tree Care Home Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
K-Lodge Care Home Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
Marley Court Care Home Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Care Home
Ordinary Shares
0
30.00
Orchard Care Group Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Residential Care Activities
Ordinary Shares
0
30.00
BMKL Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Holding Company
Ordinary Shares
0
30.00
Whitecity Care 1 Limited
39-43 Bridge Street, Swinton, Mexborough, S64 8AP
Holding Company
Ordinary Shares
30.00
-
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,100
-
0
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
485,869
702,785
-
0
-
0
Corporation tax recoverable
105,594
-
0
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
-
0
3,277,601
Other debtors
258,139
178,360
100
-
0
Prepayments and accrued income
229,875
182,062
-
0
-
0
1,079,477
1,063,207
100
3,277,601
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
0
-
0
917,051
-
0
Total debtors
1,079,477
1,063,207
917,151
3,277,601

Included in other debtors is £164,663 (2023: £158,171) amounts due to connected companies.

Amounts owed by group undertakings due within 1 year are interest free and repayable on demand.

The amounts owed by group undertakings due after 1 year attract interest at 10% per annum. The principal and interest on the amounts owed are due to be repaid on maturity in Sep-29.

WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
537,239
1,119,691
-
0
19,610
Other borrowings
18
917,956
2,213,962
917,956
-
0
Trade creditors
477,606
291,867
532
755
Amounts owed to group undertakings
-
0
-
0
404,206
4,936
Corporation tax payable
57,255
5,385
5,679
5,385
Other taxation and social security
131,890
110,646
-
0
-
0
Other creditors
292,846
2,189,413
662
3,251,985
Accruals and deferred income
422,352
250,514
6,268
1,458
2,837,144
6,181,478
1,335,303
3,284,129

Included in other creditors is £124,843 (2023: £1,129,657) amounts due to connected companies.

Amounts owed to group undertakings due within 1 year are interest free and repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
10,655,872
4,025,000
-
0
-
0
Other borrowings
18
6,350,133
2,521,974
-
0
-
0
17,006,005
6,546,974
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,192,767
5,125,000
-
0
-
0
Bank overdrafts
344
19,691
-
0
19,610
Loans from undertakings in which the group has a participating interest
-
1,046,071
-
-
Other loans
7,268,089
3,689,865
917,956
-
0
18,461,200
9,880,627
917,956
19,610
Payable within one year
1,455,195
3,333,653
917,956
19,610
Payable within one to two years
536,890
1,455,195
-
-
Payable within one to five years
16,469,115
5,091,779
-
0
-
0
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Loans and overdrafts
(Continued)
- 31 -

Other loans represent investor loans of £6,350,133 and other borrowings of £917,956.

Investor loans attract interest at 10% per annum. The principal and interest on the other loans are all repayable on loan maturity in Sep-29.

Other borrowings attract interest of 6% per annum and are repayable on demand.

Bank loans are secured by fixed and floating charges over the company's assets. There is also a cross company guarantee is in place in respect of the bank loans, given by subsidiaries of the company. The bank loan is repayable in instalments and attracts interest at 2.25% above bank of England base rate. The loan is due to be fully repaid in Sep-29.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(5,535)
10,658
Revaluations
1,758,011
-
1,752,476
10,658
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
10,658
-
Credit to profit or loss
(8,022)
-
Charge to other comprehensive income
715,375
-
Arising on business combination
1,034,465
-
Liability at 31 December 2024
1,752,476
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,903
61,362
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Retirement benefit schemes
(Continued)
- 32 -

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.

At the year end there were £25,923 (2023: £14,030) unpaid pension contributions.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
22
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
-
0
-
0
-
0
-
0
Revaluation surplus arising in the year
3,135,220
-
0
-
0
-
0
Deferred tax on revaluation of tangible assets
(715,375)
-
-
-
Amounts attributable to non-controlling interest
(1,693,892)
-
-
-
At the end of the year
725,953
-
-
0
-
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(248,600)
(196,369)
18,161
(6,066)
Profit/(loss) for the year
(143,031)
(523,220)
63,815
24,227
Other movements
88,256
470,989
-
-
At the end of the year
(303,375)
(248,600)
81,976
18,161
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
24
Acquisition of a business

On 26 September 2024 the group acquired 100 percent of the issued capital of Orchard Care Group Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
2,957,140
3,786,322
6,743,462
Inventories
4,100
-
4,100
Trade and other receivables
624,706
-
624,706
Cash and cash equivalents
117,949
-
117,949
Borrowings
(1,100,000)
-
(1,100,000)
Trade and other payables
(263,592)
-
(263,592)
Tax liabilities
(30,264)
18
(30,246)
Provisions
(130,529)
(903,936)
(1,034,465)
Total identifiable net assets
2,179,510
2,882,404
5,061,914
Goodwill
728,329
Total consideration
5,790,243
The consideration was satisfied by:
£
Cash
5,790,243
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
963,411
Profit after tax
130,725
WHITECITY CAPITAL LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
25
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss after taxation
(583,185)
(1,839,767)
Adjustments for:
Taxation charged
111
16,043
Finance costs
1,000,575
1,252,086
Investment income
(225,779)
(49,604)
Amortisation and impairment of intangible assets
175,709
202,500
Depreciation and impairment of tangible fixed assets
261,404
303,380
Movements in working capital:
Decrease/(increase) in debtors
779,030
(949,407)
(Decrease)/increase in creditors
(1,509,997)
4,241,622
Cash (absorbed by)/generated from operations
(102,132)
3,176,853
26
Analysis of changes in net debt - group
1 January 2024
Cash flows
Acquisitions and disposals
31 December 2024
£
£
£
£
Cash at bank and in hand
491,176
6,417,550
(5,672,294)
1,236,432
Bank overdrafts
(19,691)
19,347
-
(344)
471,485
6,436,897
(5,672,294)
1,236,088
Borrowings excluding overdrafts
(9,860,936)
(7,499,920)
(1,100,000)
(18,460,856)
(9,389,451)
(1,063,023)
(6,772,294)
(17,224,768)
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