Registration number:
for the
Year Ended 31 August 2025
Seebeck 122 Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Seebeck 122 Limited
Company Information
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Directors |
M Chersky E Goldman N Schreiber |
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Registered office |
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Auditors |
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Seebeck 122 Limited
Strategic Report for the Year Ended 31 August 2025
The directors present their strategic report for the year ended 31 August 2025.
Principal activity
The principal activity of the group is owning and operating nursing homes and private hospital facilities in support of medical health services.
The principal activity of the company is that of a holding company.
Fair review of the business
The results for the year, which are set out in the profit and loss account, show turnover of £25,710,660 (2024 - £27,632,505) and an operating loss of £6,154,229 (2024 - £5,443,567). At 31 August 2025, the group had net assets of £30,390,920 (2024 - £35,685,778). The directors consider the performance for the year and the financial position at the year end to be satisfactory.
The directors monitor progress on the overall strategy and the individual elements by reference to the following key performance indicators:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover for the year |
£ |
25,710,660 |
27,632,505 |
|
Operating loss for the year |
£ |
6,154,229 |
5,443,567 |
|
Bed occupancy rate for the year |
% |
72 |
73 |
Principal risks and uncertainties
Commissioners
A substantial proportion of the Group's revenue derives from public funded bodies such as Local Authorities, ICB's (Integrated Care Boards, formerly Clinical Commissioning Group) and other NHS (National Health Service) Trusts, although it should be noted that the Group is a specialist provider of nursing and hospital services. The directors are aware that pressure on fees and volume of placements could cause such publicly funded bodies to allocate less money to the types of services provided by the Group. Also, in common with the majority of government-funded service providers, most of the Group's price changes take effect annually on 1 April and are open to negotiation with the respective funder – such negotiations take into account cost inflation as well as regulatory increases (e.g, National Minimum Wage "NMW"). Such changes could have material impact on the Group's revenue. These factors are to a great extent, beyond the control of the Group although it manages its risk by spreading its customer base and maintaining good relationships with the commissioners.
Regulators
All of the Group's services are subject to a high level of regulation by various regulatory bodies. New regulations may be introduced that could impose increased costs on the Group's operations. The Group is unable to predict the content of new legislation and regulations and their effect on its business.
Inspections are carried out by regulators on both an announced and unannounced basis. The failure to comply with Government Regulations, the receipt of a negative report that leads to a finding of non-compliance, or the failure of the Group to cure any defect noted in an inspection, could result in the revocation of the Group's registration. The Group conducts regular internal audits of safety and compliance with regulatory requirements.
Finance
The Group’s main financial composition of cash, trade debtors and trade creditors as well as its long-term debt are well managed. These financial instruments provide the Group with the necessary funding to undertake its activities. Their risks are managed through robust policies and procedures as well as key performance indicators that are monitored monthly. In the current environment, strong cost control and strategies to deal with price risks are mitigated to manage some of the impact. As a specialist niche provider, the directors believe that the Group’s position is stable and that the demand for their care pathways will not diminish. However, the directors are in constant communication with the Group’s stakeholders to ensure that actions are taken in pre-emption of any possible unwillingness by funders to adjust fees in line with inflation.
The majority of the Group's long-term debt is in relation to fixed term loans with High Street lenders with pre-agreed terms and specified loan interest margins. The Group monitors interest rate movements and would review its gearing levels should rates rise significantly.
Seebeck 122 Limited
Strategic Report for the Year Ended 31 August 2025
Section 172(1) statement
The directors always considers that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 August 2025.
The Group’s strategy, was formally adopted by the board and presented to the whole organisation. It is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service across all of the business divisions.
The Group believes that the embedding of the values with the purpose as its foundation, the culture of St Matthews will reflect honesty and openness where speaking up is supported and development is through learning.
Our employees remain fundamental to the delivery of this strategy. We aim to be a responsible employer in our approach to the pay and benefits that our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. To this end we have continued with the introduction of new benefits that reinforce our core values. The Group has continued with its Fairness Campaign by further market testing the pay bands and ensuring that they remain relevant. Furthermore, the Group has introduced Wagestream to its workforce to support financial well-being, which has become widely used. Further steps will be researched to enhance the offering to the workforce and embed the value of People First.
Engagement with our stakeholders continues to be the Group’s focus. We meet with our major partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
Our strategy considers the impact of the Group’s operations on the community, the environment and our wider social responsibilities; in particular how we comply with environmental legislation and pursue waste saving opportunities and react promptly to local concerns. More recently, the Group has sought to formalise its Social Values protocol this embedding a baseline of indicators and provide a transparent reporting structure.
The directors' intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a Group such as ours and in doing so, the directors believe it will contribute to the delivery of the strategy. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our values, beliefs and culture.
Approved by the
Director
Seebeck 122 Limited
Directors' Report for the Year Ended 31 August 2025
The directors present their report and the for the year ended 31 August 2025.
Directors of the company
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Employment of disabled persons
The Group gives full and fair consideration to applications for employment made by disabled persons, having
regard to their particular aptitudes and abilities.
The directors endeavour to ensure that as far as possible the training, career development and promotion of
disabled persons is the same as for other employees. Should employees become disabled, every effort is made
to ensure that their employment continues and appropriate retraining is received.
Engagement with suppliers, customers and other relationships
The Group strives to provide a high quality service to both our service users and funders. This is delivered
through the comprehensive and extensive quality management systems that support all aspects of the Group's
delivery. The recruitment, retention and training processes are designed to ensure our staff are equipped to
provide the highest quality of service to support the needs of our service users. The Group consults regularly
with its customers through surveys as well as receiving feedback directly from communications with our
employees.
Our suppliers are fundamental to our ability to deliver safe and quality care. The Group aims to develop open
and honest communication with its key suppliers to ensure the relationships are mutually beneficial and support
the needs of our service users.
Employee involvement
The Group communicates to employees in the following ways:
• Quarterly newsletter
• Annual update session for all staff that gives updates about the Company in general (including finances)
• A monthly learning alert which details any incidents that other staff should learn from
• A monthly training newsletter detailing when training is being held
• An annual satisfaction survey for staff to feed into
• The latest CQC report is kept in reception for employees to review
• A comments/suggestion/employee award box is in each unit for staff to feed into
• A quarterly carer forum for patients/family/managers – minutes are sent to all units
• A bi-monthly ‘reg-17’ visit where a member of the senior leadership team walks around each unit – a report is given to units
Future developments
The directors intend for the Group to continue its strategy of organic growth. During 2026, the directors are keen to consolidate the progress made in 2025 and create a robust foundation for future growth.
On 1 April 2026, the sale of the Group and its subsidiaries was finalised, with the new owners CGEN Care 1 Ltd, taking full operational control.
Going concern
The financial statements have been prepared on a going concern basis. The directors, following the acquisition, have a reasonable expectation and consider that the group has sufficient resources to continue in operations for the foreseeable future.
Seebeck 122 Limited
Directors' Report for the Year Ended 31 August 2025
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The group has various financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. In addition the group has other financial instruments including loans and overdrafts:
Liquidity risk
The group manages its cash and borrowing requirements to optimise interest income and minimise expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its business.
Interest rate risk
The group is exposed to interest rate risk on various credit facilities.
Credit risk
Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Carbon energy reporting
The Group has used the year to 31 August 2025, (with year ending 31 August 2024 as its benchmark year) to calculate the emission of the following tonnes of CO2e, in undertaking its business activities.
Energy consumption:
|
As restated |
|||
|
FY25 |
FY24 |
||
|
KWh |
KWh |
||
|
Electricity |
1,015,383 |
909,687 |
|
|
Gas |
3,301,163 |
3,157,694 |
|
|
Aggregate of energy consumption in the year |
4,316,546 |
4,067,381 |
Emission of CO2 equivalent
|
As restated |
|||
|
FY25 |
FY24 |
||
|
Metric tonnes |
Metric tonnes |
||
|
Scope 1 - Gas |
603 |
576 |
|
|
Scope 2 - Electricity |
196 |
175 |
|
|
Aggregate of energy consumption in the year |
799 |
751 |
|
As restated |
|||
|
Intensity ratio (per bed) |
FY25 |
FY24 |
|
|
Kg CO2 per bed (capacity) |
2,385 |
2,246 |
|
|
Kg CO2 per bed (occupied) |
3,288 |
3,070 |
Seebeck 122 Limited
Directors' Report for the Year Ended 31 August 2025
Quantification and reporting methodology
The consumption has been collected from the energy bills from our suppliers. The emissions have been calculated from KWh using the conversion factors published by BEIS in June 2022.
Intensity measurement
In selecting the intensity factor that would give the best indication of our energy efficiency overall it was noted that the majority of our emissions are from gas and electricity (being 24% electricity and 76% gas). To normalise the emissions from each unit, it was decided to use a simple measurement of beds in total across the group. Two indicators have been used to determine efficiency, (i) capacity beds (ie total number in each unit) and (ii) occupied beds (ie average number of service users throughout the year) to provide an indication of impact of occupancy on the intensity of usage and efficiency.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Re-appointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Seebeck 122 Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Seebeck 122 Limited
Independent Auditor's Report to the Members of Seebeck 122 Limited
Opinion
We have audited the financial statements of Seebeck 122 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 August 2025 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Seebeck 122 Limited
Independent Auditor's Report to the Members of Seebeck 122 Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the group's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Seebeck 122 Limited
Independent Auditor's Report to the Members of Seebeck 122 Limited
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
|
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Seebeck 122 Limited
Consolidated Profit and Loss Account for the Year Ended 31 August 2025
|
Note |
2025 |
(As restated) |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Exceptional administrative expenses |
(1,264,976) |
- |
|
|
Operating loss |
( |
( |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Loss before tax |
( |
( |
|
|
Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
( |
|
|
Minority interests |
( |
( |
|
|
( |
( |
The above results were derived from continuing operations.
The group has no other comprehensive income for the year.
Seebeck 122 Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 August 2025
|
2025 |
(As restated) |
|
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
( |
Seebeck 122 Limited
(Registration number: 09515922)
Consolidated Balance Sheet as at 31 August 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
256,531 |
333,469 |
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
( |
( |
|
|
Equity attributable to owners of the company |
|
|
|
|
Minority interests |
( |
( |
|
|
Shareholders' funds |
|
|
Approved and authorised by the
Director
Seebeck 122 Limited
(Registration number: 09515922)
Balance Sheet as at 31 August 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Cash at bank and in hand |
2 |
2 |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Shareholders' funds |
58,000,000 |
58,000,000 |
The company made no profit or loss after tax for the financial year (2024 - £nil).
Approved and authorised by the
Director
Seebeck 122 Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 August 2025
Equity attributable to the parent company
|
Share capital |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 September 2024 |
|
( |
|
( |
|
|
Loss for the year |
- |
( |
( |
- |
( |
|
Transfers |
- |
97,319 |
97,319 |
(97,319) |
- |
|
At 31 August 2025 |
|
( |
|
( |
|
|
Share capital |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 September 2023 |
|
( |
|
- |
|
|
Prior period adjustment |
- |
|
|
( |
- |
|
At 1 September 2023 (As restated) |
|
( |
|
( |
|
|
Loss for the year (As restated) |
- |
( |
( |
- |
( |
|
At 31 August 2024 (As restated) |
58,000,000 |
(22,255,828) |
35,744,172 |
(58,394) |
35,685,778 |
Seebeck 122 Limited
Statement of Changes in Equity for the Year Ended 31 August 2025
|
Share capital |
|
|
At 1 September 2024 and at 31 August 2025 |
|
|
Share capital |
|
|
At 1 September 2023 and at 31 August 2024 |
58,000,000 |
Seebeck 122 Limited
Consolidated Statement of Cash Flows for the Year Ended 31 August 2025
|
Note |
2025 |
(As restated) |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
( |
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
Decrease in trade debtors |
|
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Increase in amounts owed to associates |
|
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
- |
( |
|
|
Repayment of other borrowing |
|
- |
|
|
Payments to finance lease creditors |
( |
- |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 September |
( |
( |
|
|
Cash and cash equivalents at 31 August |
(481,664) |
(331,819) |
|
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2025.
No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made no profit or loss for the financial year (2024 - nil).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Going concern
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation and consider that the Group has sufficient resources to continue in operations for the foreseeable future. To support this consideration, the Directors have prepared budgets for the coming 12 months as well as forecasts of future performance (which include future cash flows). These budgets and forecast have reflected not only the increased occupancy anticipated (based on the note below) but also other regulatory and governmental challenges as well as staff investment needed to meet the expected growth of occupancy.
The directors during the first half of 2025, continued to have concerns over the re-admission of patients into the Broomhill hospital. A strategic decision was taken to support the sustainability of Broomhill as a care facility. The directors, therefore, applied to the Care Quality Commission (CQC) to deregister the hospital and register as a nursing home facility to support complex mental health residents. This registration was coupled with a name change to Althorp Grange. The registration was approved by CQC on 8th December 2025 for an initial cohort of 57 residents. This registration was support by the local Council and ICB, supporting the application to CQC to provide much needed capacity.
On this basis, and having given due regards to the main issues, the Directors continue to believe that the going concern basis of accounting in preparing the financial statements remains appropriate.
Prior period errors
The directors have restated the prior year consolidation to include BSP Development Ltd. which the group owns a 60% shareholding in. The restatement includes a loss for the year of £183,115, and a minority interest share of the loss of £58,394.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. 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 have been met for each of the group's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
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, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
Nil |
|
Freehold property |
2% straight line |
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Motor vehicles |
25% straight line |
|
Fixtures and fittings |
25% straight line |
|
Office equipment |
33% straight line |
Intangible assets
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.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
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 |
Straight line over 10 years |
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.
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.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
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 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 and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
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 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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
Financial instruments
Classification
Recognition and measurement
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Financial instruments (continued)
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
|
Other revenue |
|
- |
|
|
|
The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
(As restated) |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
- |
|
Exceptional items |
|
2025 |
2024 |
|
|
Exceptional expenses |
1,264,976 |
- |
Exceptional items in the current year consist of an impairment of amounts owed by joint ventures and associated undertakings.
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income owed from related parties |
989,425 |
899,475 |
|
Interest income on bank deposits |
|
|
|
|
|
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Interest payable and similar expenses |
|
2025 |
(As restated) |
|
|
Interest on bank overdrafts and borrowings |
1,894,865 |
2,023,495 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Managers |
- |
|
|
Nurses and care workers |
|
|
|
Kitchen |
- |
|
|
Administration and others |
|
|
|
|
|
Company
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
The company incurred no staff costs and had no employees other than the directors.
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
37,000 |
16,028 |
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
|
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(8,471) |
- |
|
Total deferred taxation |
( |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Tax decrease from effect of unrelieved tax losses carried forward |
( |
- |
|
Total tax credit |
( |
( |
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
Tax losses carry-forwards |
( |
|
Other timing differences |
( |
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Other timing differences |
( |
|
|
|
Intangible assets |
Group
|
Goodwill |
|
|
Cost or valuation |
|
|
At 1 September 2024 and at 31 August 2025 |
|
|
Amortisation |
|
|
At 1 September 2024 |
|
|
Amortisation charge |
|
|
At 31 August 2025 |
|
|
Carrying amount |
|
|
At 31 August 2025 |
|
|
At 31 August 2024 |
|
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Tangible assets |
Group
|
Freehold property |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 September 2024( as restated) |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
- |
( |
( |
|
At 31 August 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 September 2024 (as restated) |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
|
At 31 August 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 August 2025 |
|
|
|
|
|
|
At 31 August 2024 (as restated) |
|
|
|
|
|
Freehold land of £1,765,000 (2024 - £1,765,000) is not depreciated.
Hire purchase agreements
Included within the net book value is £52,262 (2024 - £Nil) relating to motor vehicles held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £3,733 (2024 - £nil).
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost and carrying amount |
|
|
At 1 September 2024 and at 31 August 2025 |
|
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Details of undertakings
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:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
|
|
England and Wales |
|
|
|
All subsidiaries share the same registered address as Seebeck 122 Limited.
|
Subsidiary undertakings |
|
St Matthews Holdings Limited The principal activity of St Matthews Holdings Limited is |
|
St. Matthews Limited The principal activity of St. Matthews Limited is |
|
St. Matthews (North) Limited The principal activity of St. Matthews (North) Limited is |
|
St Matthews (West) Limited The principal activity of St Matthews (West) Limited is |
|
BSP Development Ltd. The principal activity of BSP Development Ltd. is |
Subsequent to the reporting date, the group sold its full shareholding in BSP Developments Ltd.
The Company agrees to guarantee the liabilities of all its subsidiary undertakings, thereby allowing the companies to take exemption from an audit under Section479A of the Companies Act 2006.
St Matthews Holdings Limited
St. Matthews Limited
St. Matthews (North) Limited
St Matthews (West) Limited
BSP Development Ltd.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Work in progress |
|
|
- |
- |
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
(As restated) |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by associated undertakings |
|
|
- |
- |
|
|
Other debtors |
|
|
- |
- |
|
|
Prepayments |
|
|
- |
- |
|
|
Corporation tax asset |
|
|
- |
- |
|
|
|
|
- |
- |
||
Amounts owed from associate undertakings are unsecured, repayable on demand and have no interest levied on the amounts outstanding.
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
(As restated) |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts owed to associates |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals and deferred income |
|
|
- |
- |
|
|
Corporation tax liability |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
- |
- |
- |
|
Amounts owed to associates are unsecured, repayable on demand and have no interest levied on the outstanding balances.
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
(As restated) |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
- |
- |
- |
|
Other borrowings |
|
- |
- |
- |
|
|
|
- |
- |
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
|
- |
- |
- |
Group
Bank borrowings
|
|
Other borrowings
Included in other borrowings are directors loan accounts payable of £300,785 (2024 - £nil). There is no fixed agreement in place and interest is not levied on the outstanding balance. The company has agreed to pay £50,000 per month towards the outstanding balance.
Subsequent to the reporting date and following the sale of the group, the directors loans have been settled in full as part of the total consideration paid.
Hire purchase liabilities are secured on the assets to which they relate.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
58,000,000 |
|
58,000,000 |
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Contingent liabilities |
Group
The company is a party to a composite bank guarantee in respect of all borrowing of the Seebeck 122 group (compromising St Matthew Holdings Limited, St Matthews Limited, St Matthews (West) Limited and St Matthews (North) Limited) advanced by Santander bank. At the balance sheet date such borrowing amounted to £21,973,965 (2024 - £21,953,252).
Subsequent to the reporting date and following the sale of the group, these bank loans have been settled in full as part of the total consideration paid.
Seebeck 122 Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Analysis of changes in net debt |
Group
|
At 1 September 2024 |
Financing cash flows |
Other non-cash changes |
At 31 August 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
333,469 |
(76,938) |
- |
256,531 |
|
Overdrafts |
(665,288) |
(72,907) |
- |
(738,195) |
|
(331,819) |
(149,845) |
- |
(481,664) |
|
|
Borrowings |
||||
|
Bank borrowings |
(22,897,883) |
(235,853) |
(20,713) |
(23,154,449) |
|
Hire purchase liabilities |
- |
(47,740) |
- |
(47,740) |
|
Other borrowings |
- |
(300,785) |
- |
(300,785) |
|
(22,897,883) |
(584,378) |
(20,713) |
(23,502,974) |
|
|
|
||||
|
( |
( |
( |
( |
|
Non cash changes include amortisation of capitalised debt costs.
|
Related party transactions |
Company
The company has taken advantage of the provisions available under FRS102 section 33.1A not to report transactions with fellow group members wholly owned by the ultimate parent undertaking.
Group
At the year end, the group was owed £1,553,329 (2024 - £7,181,426) from companies under common control. This is stated after a provision for impairment of £355,270 (2024 - £3,056,536).
At the year end, the group owed £7,691,595 (2024 - £708,070) to companies under common control.
Transactions with directors
During the year, the company advanced £1,800 (2024 - £1,800) from a director of the company. At 31 August 2025, amounts owed to the Company from this director totalled £478,219 (2024 - £621,419). No interest is charged on this advance and the amount is due on demand.
During the year, the company advanced £5,317 (2024 - £480) and was repaid £145,000 (2024 - £nil) to/from a director of the company. At 31 August 2025, amounts owed to the Company from this director totalled £1,412,204 (2024 - £1,551,887). No interest is charged on this advance and the amount is due on demand.
Details of amounts owed to the directors are disclosed in note 17 to the financial statements.
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Parent and ultimate parent undertaking |
Since 1 April 2026, the company's immediate parent is CGEN Care 1 Limited, incorporated in England and Wales.
The ultimate parent is CGEN Care 1 (Holdco) Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is CGEN Care 1 (Holdco) Limited.
There is considered to be no ultimate controlling party.