Year Ended
Registration number:
Althea Healthcare Limited
Contents
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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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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
The Directors present their report for the year ended 30 September 2025.
The Kingsley Healthcare Group ("Kingsley") can be defined as the ten operating groups headed by the following companies: Peacock Holdings (2015) Limited; KCH (UK) Holdings Limited; Regal Healthcare Holdings Limited; Althea Healthcare (Holdings) Limited; Timperley Holdings Limited; Hestia Healthcare Holdings Limited; Partington Healthcare Holdings Limited; Kingsley Healthcare (OLH) Limited; Kingsley Healthcare (Bournemouth Property) Limited and Kingsley (KMT) Limited. All of these operating groups under the Kingsley umbrella are affected by similar factors and, therefore, the same strategies, which are covered in this Strategic Report, apply to each of them. For the purpose of these specific financial statements, meanwhile, references to the "Group" will refer to the Althea Healthcare (Holdings) Limited operating group whilst references to the "Company" will refer to Althea Healthcare Limited itself.
Kingsley Healthcare
Kingsley, a nationally recognised, family-run provider of residential, nursing and specialist care, proudly reports a year of strong performance, disciplined expansion and continued organisational maturity. Kingsley has sustained high occupancy and further strengthened its position as one of the UK’s leading family-owned care providers. Alongside this operational progress, Kingsley has expanded its service footprint, invested significantly in its people, leadership and digital infrastructure, and continued to elevate the quality and consistency of the resident experience.
As the UK’s first and only large care operator to achieve B Corp certification and having been named Residential Adult Care Provider of the Year (Large Group) at the Healthcare Investor Awards for a second consecutive year, we remain steadfast in our commitment to delivering high-quality, person-centred care and driving meaningful social and environmental impact across our operations.
Strategic Focus and Business Performance
The Group’s strategy centres on harnessing the strength of its balance sheet and the depth of its talent to drive both organic and inorganic growth. Kingsley now operates 47 care services across the United Kingdom and Jersey, with a further four acquisitions/ new care services starting operations since the year end. Mature homes within the portfolio continue to deliver strong revenue growth and profitability, with overall trading performance aligned to expectations.
Occupancy across the mature portfolio has reached a sustained level, reflecting confidence in the quality and consistency of Kingsley’s services.
Significant cash generation during the period enabled the Group to further strengthen our continuing partnerships with our banking partners. The resulting structure provides an effective balance of term funding and revolving capital, supporting both investment agility and financial resilience. These developments reaffirm the Group’s long-term commitment to creating value for all stakeholders.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
Operational Developments and Investments
Kingsley continues to make targeted investments to future-proof the business, including:
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Expansion of the portfolio to 47 locations, including the completion of four major development projects (Olney Meadows, Sycamore Heights, Eversley Lodge and Queen Charlotte) and two acquisitions (Weymouth Manor and Woodlands Lodge), adding significant new bed capacity. |
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Diversification into Home Care and Live-In Care services, now operating five branches with three new branches opened since the year end. |
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Growth in specialist services supporting individuals with learning disabilities and complex needs, with new services successfully commissioned and well received. |
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Ongoing investment in automation, digital systems, AI and workflow intelligence, designed to support care and leadership teams by improving visibility of operational performance, enabling faster resolution of challenges and strengthening decision-making through enhanced real-time insight. |
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Full embedding of Workday, the Group’s comprehensive financial accounting and reporting system, providing real-time data-driven financial insights and enabling more proactive operational planning. |
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Investment in a central Call Navigation Centre, operating extended hours seven days a week, to strengthen enquiry responsiveness, family engagement and service accessibility. |
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Continued enhancements to core care platforms, including digital care planning, electronic medication management, compliance assurance and asset management systems, underpinned by data dashboards and AI-supported early-risk identification tools. |
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The forthcoming integration of Salesforce CRM to provide real-time visibility of the customer journey, enhancing conversion discipline and insight-driven decision-making. |
Sustainability and Corporate Responsibility
Kingsley’s position as the first and only B Corp certified operator of its scale in the UK care sector marks a defining milestone in our sustainability journey, achieved following a rigorous three-year evaluation. Sustainability is embedded across all areas of the Group’s service delivery, with a focus on community wellbeing, environmental stewardship and responsible governance.
During the year, solar panel arrays were installed at seven new locations, generating significant amounts of clean energy and avoiding reliance from the grid. The Group continues to invest in renewable energy systems, high-efficiency lighting, movement-sensitive controls and biomass solutions across the portfolio. Each home actively tracks and measures its environmental footprint through Environmental Champions, enabling continuous improvement underpinned by transparency and accountability.
Kingsley’s commitment extends into community, education and global responsibility through Kingsley Philanthropy, supporting education programmes, scholarships and community development in Sri Lanka, Colombia and the United Kingdom and new partnership with Kings Trust. We are proud to be a delivery partner supporting training and employment programmes enabling people to gain employment opportunities in the sector, specifically in Liverpool and Greater Manchester. These efforts reflect the belief that care does not end at the boundaries of our homes and a business can be a good influence for the wider society.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
People and Culture
Our people remain at the heart of the Group’s success. The Group is proud to be a Real Living Wage employer and among the highest payers across the regions in which it operates, and its commitment to the Real Living Wage remains unwavering. The Kingsley Academy continues to expand its offering, supported by a dedicated team of Learning and Development Managers and a digital learning platform.
Many of Kingsley’s home managers and regional leaders have progressed internally through structured pathways, reflecting a culture of opportunity, belonging and long-term career development. Independent platforms such as Glassdoor and Indeed consistently rank Kingsley as one of the top employers in healthcare for workplace wellbeing, with ratings of 4.7 and 4.5 respectively.
Kingsley has increased its use of social media as a platform to showcase the care and community engagement within its homes, achieving post-engagement rates significantly above the industry average. This not only bolsters staff recognition and morale but also strengthens the employer brand and helps families stay connected with daily life within the Group’s services.
Fair review of the business
When analysing Althea Healthcare Limited's trading results for the financial year to 30 September 2025, the Company's board is pleased with its performance when compared to previous years.
Company turnover for the year was £5.0m. In comparison to the revenue results achieved last year, the Company has seen a healthy increase of £0.5m or 11.1%. The incremental revenue uplift can be attributed to increased occupancy in our mature homes and the achievement of higher average weekly fees.
Average occupancy across the Company's homes during the year was 94% (2024: 90%), which is a notable and rewarding reflection of the ongoing market support for the Company's service proposition.
Company EBITDA for the year was £1,058,392 (2024: £1,085,180). Net Profit Before Tax, meanwhile, increased to £655,458 (2024: £596,809). The marginal movement in EBITDA reflects higher operating costs absorbing the benefit of the £0.5m revenue increase, while disciplined finance management delivered an uplift in Net Profit Before Tax of 9.8% over the prior year. In light of this, the directors believe the Company's performance for the year was highly positive, particularly when viewed against the challenging economic backdrop.
The Group remains financially agile with a strong balance sheet, which is a very good position to be in. The strength of the Group has also been consistently underpinned by the shareholders and has drawn further support from our bankers.
The Company's Fixed Assets amount to £10.3m whilst Net Debt totals £0.0m.
This places the Group in a very strong position within its industry.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
Key performance indicators
In keeping with previous year-end reporting, the Group has measured its success during the 2025 financial year against four key performance indicators, centred on occupancy, turnover, EBITDA and net profit before tax.
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2025 |
2024 |
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Average Occupancy (%) |
94% |
90% |
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Turnover (£) |
4,995,629 |
4,495,033 |
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EBITDA (£) |
1,058,392 |
1,085,180 |
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Net Profit Before Tax |
655,458 |
596,809 |
Section 172(1) Statement
The Directors of the Company and Group are required to act in accordance with the duties prescribed under Section 172 of the Companies Act 2006, which demands they should carry out their duties in a way they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole while having regard to the interests of the Company’s other stakeholders. The Company includes among its other primary stakeholders its staff, its service users and their families, its suppliers, its financing partners, the relevant industry regulators and the communities the Company serves. It is these parties that either impact the Company’s strategy materially or are themselves impacted by it directly. As a responsible business building long-term shareholder value, we listen to our stakeholders regularly to help us guide our strategy and to ensure we continue to operate in a way that delivers the best care we are able to provide to our residents.
Section 172 requires each director of a company, when making decisions regarding the likes of the Company’s trading strategy and operational objectives, to ensure that such decisions are made considering the possible long-term consequences associated with them. In pursuit of the realisation of its growth strategy during the year, the Board has regularly monitored progress against its targets and modified its ambitions to ensure predicted outcomes result in the ongoing sustainability of the business. The Board of the Company consistently maintains a long-term outlook in relation to its future activities through many different aspects of the business, whether it is the investment in current and future facilities, staff recruitment and retention or compliance and risk management; the Group has ensured the long-term effect is incorporated with every decision.
The Board receives regular information and analysis that enables it to take account of the likely consequences of its decisions in the long term and the interests of its stakeholders. This includes monthly financial and operational reporting, quality and compliance dashboards, colleague engagement insights, resident and family feedback, commissioner and regulator updates, and reports from the Company’s ESG, sustainability programmes, risk and treasury discussion forums. Board papers for significant matters include an explicit assessment of stakeholder impacts and Section 172 considerations.
The Board recognises the importance of the responsibilities incumbent upon it under Section 172 and believes it has made all material decisions during the course of the year in a manner that reflects its proper consideration of these duties. In doing so, the Board has consistently behaved responsibly towards its shareholders to ensure they are treated fairly and equally.
The Company maintains open and regular communication with its financing partners, providing detailed management accounts and long-term financial models to ensure transparency and alignment.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
The Company places utmost importance on the dignity, independence and well-being of its service users. Central to all Company endeavours are the quality of daily experiences for these stakeholders. The Directors emphasise the crucial role of maintaining good governance across the organisation’s activities, ensuring consistency for all involved parties. Engagement with residents and families takes place regularly at home level through resident and relative meetings, personalised care planning, digital family apps, the Call Navigation Centre and independent care review platforms.
We have actively managed inflation-linked cost increases through strategic procurement partnerships, stronger supplier governance and more targeted use of discretionary expenditure. The Board considers the need to foster fair, long-term and responsible business relationships with suppliers, including payment practices and supply chain sustainability, when taking decisions on procurement strategy and supplier selection. As supply chain pressures continue into the new financial year, we remain committed to strengthening these invaluable relationships.
Understanding that our homes are often central to their communities, the Group takes its responsibilities seriously. Our senior leadership team actively champions initiatives that support the well-being of the towns and villages we serve. Beyond our dedication to responsible energy management and efficiency, we have expanded our efforts with new community-focused initiatives across our locations, including our Kingsley Philanthropy programmes supporting education and development in Sri Lanka, Colombia and the United Kingdom, and our partnership with The King’s Trust delivering training and employment programmes in Liverpool and Greater Manchester.
The Group’s people are at the heart of everything it does. The Company deeply values each colleague’s contribution to upholding the Company’s values and driving its success. To reflect this commitment, the Group has conducted a thorough review of its benefits package, ensuring it remains a leading employer in adult social care across its home locations. The Board engages with colleagues through regular home visits by senior leaders, colleague forums, pulse surveys, the Company’s learning and development academy, recognition schemes and published employer ratings, and uses this insight to inform decisions on pay, training, wellbeing and progression.
In 2025, the Group reaffirmed its commitment as a Real Living Wage employer. We believe that fair pay not only acknowledges our employees’ dedication but also strengthens retention and attracts top talent. In an industry where rising living costs and workforce shortages present challenges, it is crucial to demonstrate our unwavering support for our team. Beyond ensuring the Real Living Wage as a baseline, we provide additional resources, including financial guidance, well-being programmes, mental health support, and nutrition counselling, ensuring our people feel valued, supported and empowered.
The Group proactively continues to invest in new platforms to support its staff with their career and personal progression. The successful embedding of Workday, our comprehensive financial accounting and reporting system, has delivered faster, more streamlined processes that enable our leadership team to focus on delivering innovative care. In implementing Workday, Kingsley prioritised structured engagement with the colleagues most affected by the change. Surveys issued to home administrators following the go-live of the procurement and expenses modules identified specific areas of friction in approval workflows and the mobile expenses experience. In response, approval hierarchies were simplified, additional guidance text boxes and video tutorials on our home page were introduced, and the month-end close calendar was adjusted to ease pressure on home teams.
With integrated AI and machine learning capabilities, these systems offer data-driven insights that help the Group further enhance its efficiency and service quality. We have also commenced a significant programme of investment in automation, digital systems, AI and workflow intelligence, which we will continue to scale in the upcoming financial year.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
As a leading national provider of residential, nursing and specialist care services, we have an inherent duty to be a dependable support system for those who rely on us: our residents, colleagues and partners alike. We take this responsibility seriously and our stakeholder management approach is built on fostering strong, mutually beneficial relationships grounded in integrity, compassion and kindness.
We are pleased that the financial year ending 30 September 2025 has been tremendously positive, marked by our continued commitment to delivering exceptional care while advancing the aspirations of our stakeholders. The Board remains focused on making strategic, long-term investment decisions that prioritise the well-being of all those we serve.
Environmental, Social & Governance (ESG)
As noted above, achieving B Corp certification represents a key milestone in our sustainability journey. As the first and only large care home operator to hold this accreditation, we have integrated sustainability across all aspects of our service delivery framework, with a focus on community wellbeing, environmental responsibility and strong governance. As discussed above, during the year, we installed solar panel arrays at seven new locations and continued to expand our use of renewable energy systems, high-efficiency lighting and biomass solutions across the portfolio.
Principal risks and uncertainties
Sector and Market Risk
The UK care sector continues to experience strong demand driven by demographic trends, particularly the growth in the population aged 85 and over, which is projected to grow by over 40% in the next two decades. Net care-bed supply remains broadly flat, with closures offsetting new builds. While capacity constraints persist across the sector, Kingsley’s investment in its portfolio, its development pipeline and its disciplined approach to acquisitions position the Group well to meet future demand.
Operational and Regulatory Risk
The industry and the Group operate within a highly regulated environment, overseen by the Care Quality Commission in England, the Care Inspectorate in Scotland and equivalent authorities in Wales and Jersey. Robust governance, clinical quality systems, proactive engagement with regulators, and continuous investment in digital care platforms mitigate these risks.
People Risk
Workforce availability remains a sector-wide challenge, further impacted by changes to UK immigration policy affecting the Health and Care Worker visa route. Kingsley mitigates this through competitive pay (including Real Living Wage accreditation), retention-focused culture programmes, the Kingsley Academy, and targeted domestic recruitment pipelines including the partnership with The King’s Trust.
Althea Healthcare Limited
Strategic Report for the Year Ended 30 September 2025
Financial and Funding Risk
The Group maintains strong relationships with its banking partners and actively manages interest rate exposure and funding structures. The Board monitors liquidity, covenant headroom and capital expenditure commitments as part of its regular review cycle.
Technology and Cyber Risk
Increased investment in digital systems, cloud-based care records and connected devices brings associated risks, including cyber-attack, data breach and operational disruption. These are mitigated through a layered cybersecurity programme, ongoing staff awareness training, multi-factor authentication, penetration testing, data governance controls and continuing alignment with the NHS Data Security and Protection Toolkit and UK GDPR.
Climate and Environmental Risk
The Group recognises the physical and transition risks associated with climate change, including energy cost volatility, extreme weather events affecting homes and residents, and evolving regulatory expectations. These risks are mitigated through investment in renewable energy, improved building fabric, Environmental Champions in every home, and integration of climate considerations into the Company’s investment and development decisions.
Going Concern
The Directors have reviewed the Company’s forecasts, cash flow projections, covenant headroom and financial plans, including sensitivity analysis on key assumptions such as occupancy, fee rates, cost inflation and interest rates. Having considered the Company’s liquidity, committed facilities, trading trajectory and the continued support of its banking partners and shareholders, the Directors are satisfied that the Group has sufficient resources to continue operating for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Approved and authorised by the
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Althea Healthcare Limited
Directors' Report for the Year Ended 30 September 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial Instruments
Objectives & Policies
The Directors make use of a range of financial resources to further the operation and development of the Company’s business. Secured senior debt facilities are provided by three well established and highly regarded banks. The Group continues to believe that its working partnership with these institutions appropriately diversifies its counterparty risk and the failure of one or other of the Company’s banking partners is deemed to be very unlikely.
The Group’s capital expenditure and working capital requirements are funded by a blend of secured term loans, revolving credit facilities and overdraft facilities, which are secured against the Company’s property assets. The Directors monitor debt servicing capability and covenant compliance on an ongoing basis, utilising three-year financial forecasts to ensure adequacy in these areas.
Certain of the Company’s future development projects, including several that have been recently initiated, will feature funding arrangements with a prominent real estate investment trust that specialises in providing sustainable support for operators in the healthcare sector. The Directors recognise that it is largely down to the financial strength and historic performance of the Group that it has been able to maintain a strong negotiating position in this context. They are also confident that the Company’s relationship with its funding partners continues to be stable and productive.
Future Developments
This area of the Company’s activities has been analysed in some detail within the body of the Strategic Report, which can be found above.
Employees and Employee Engagement
The Group gives full and fair consideration to applications for employment received from both able-bodied and disabled persons, with due regard being given to the personal abilities and aptitudes of each applicant. Disabled employees are afforded equal opportunities to advance their careers and their efforts to succeed further are properly recognised where applicable.
The Group makes every effort to ensure its employees are kept informed as to the Company’s activities in a timely manner and it encourages open discussions between employees and the management team.
Althea Healthcare Limited
Directors' Report for the Year Ended 30 September 2025
The Strategic Report above contains a Section 172 statement that elaborates on the activities undertaken by the Group during the year to promote the interests of its employees.
Business Relationships
The Directors are acutely aware that the Company will be best placed to maximise its profitability and efficiency if it nurtures healthy and long-term relationships with its key business partners, including its service users, suppliers and providers of finance. Accordingly, principal decisions taken by the Company during the year have been agreed after due consideration of the wider interests of the Company’s stakeholders. Detailed comment concerning the fostering of the Company’s business relationships is included in the Section 172 statement forming part of the Strategic Report at Page 4.
Disclosure Requirements
In accordance with Section 414C(11) of the Companies Act 2006, the Directors have chosen to include certain disclosures in the Strategic Report that would otherwise be required in the Directors’ Report. These include:
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An indication of the Company’s future developments. |
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Information on the Company’s engagement with employees and stakeholders. |
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Details of the Company’s environmental, social and governance (ESG) initiatives, including its B Corp certification. |
The Directors believe that including this information in the Strategic Report provides a more cohesive and comprehensive overview of the Company’s strategy, performance and impact.
Disclosure of Information to the Auditor
Each member of the Board has taken all necessary steps to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. The Directors also confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors, PKF Francis Clark, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Althea Healthcare Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Althea Healthcare Limited
Independent Auditor's Report to the Members of Althea Healthcare Limited
Opinion
We have audited the financial statements of Althea Healthcare Limited (the 'company') for the year ended 30 September 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 September 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company'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.
Althea Healthcare Limited
Independent Auditor's Report to the Members of Althea Healthcare 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:
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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 |
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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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 10, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
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:
Althea Healthcare Limited
Independent Auditor's Report to the Members of Althea Healthcare Limited
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.
The company operates in the health and adult social care sector which is regulated by the Care Quality Commission (CQC). The regulator sets out a constantly evolving list of regulations that all care homes must follow such as compliance with keys laws and regulations including Health and Safety, Manual Handling and Food Hygiene regulations. CQC carry out routine inspections to ensure care homes are following these regulations and have the power to bring legal proceedings against any home that does not comply.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company's ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
- Review of latest CQC reports;
- Review of correspondence with CQC;
- Review of legal costs and associated correspondence; and
- Review of the homes Food Hygiene rating.
As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risk we identified was fraudulent financial reporting to meet the companies bank loan covenants.
In response to the identified risk, as part of our audit work we:
- Used data analytics to test journal entries throughout the year and year end adjustments, for appropriateness;
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates; and
- Reviewed the basis of costs recharged between group companies making sure that there is a clear justification. We challenged management and assessed the reasonableness of all recharges.
Althea Healthcare Limited
Independent Auditor's Report to the Members of Althea Healthcare Limited
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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
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.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Althea Healthcare Limited
Profit and Loss Account
Year Ended 30 September 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
752,034 |
716,478 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Althea Healthcare Limited
Statement of Comprehensive Income
Year Ended 30 September 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Deferred tax movement on revalued assets |
51,205 |
60,907 |
|
Total comprehensive income for the year |
|
|
Althea Healthcare Limited
Balance Sheet
30 September 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors (including £Nil due after more than one year (2024 - £736,889)) |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
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 |
|
|
|
|
Revaluation reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
......................................... |
......................................... |
Company Registration Number: 06321545
Althea Healthcare Limited
Statement of Changes in Equity
Year Ended 30 September 2025
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 October 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income |
- |
|
|
|
|
Transfers of realised profits |
- |
(58,283) |
58,283 |
- |
|
At 30 September 2025 |
|
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 October 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
|
Transfers of realised profits |
- |
(52,712) |
52,712 |
- |
|
At 30 September 2024 |
|
|
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
These financial statements were authorised for issue by the
The address of its registered office is:
The business address is the same as the registered office address, although the entity operates care homes across various locations in England.
|
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 UK and Republic of Ireland'. There are no material departures.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Summary of disclosure exemptions
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.
The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, Althea Healthcare (Holdings) Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Althea Healthcare (Holdings) Limited group.
Name of parent of group
These financial statements are consolidated in the financial statements of Althea Healthcare (Holdings) Limited.
The financial statements of Althea Healthcare (Holdings) Limited may be obtained from Companies House.
Group accounts not prepared
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Althea Healthcare Holdings Limited, a company incorporated in England and Wales
Going concern
The directors have prepared the financial statements on a going concern basis on the understanding that the shareholders and the companies under common control will continue to provide financial support if it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not forthcoming.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements that have a significant impact on the financial statements are described below:
Existing use value
The Existing Use Value of each property is driven by current trading performance using EBITDA as the key parameter. Management have reviewed the EBITDA used in the original valuation against current year trade and budgeted results and concluded that it is still reflective of Existing Use Value. The carrying value of land and buildings is £10,062,059 (2024 - £10,231,221).
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 15 and 17.
Property valuations
The business invests in care homes and, in common with standard industry practice, has adopted a policy under FRS 102 of carrying these assets at Existing Use Value, which is considered by the directors to approximate to Fair Value as set out below. This is due to the expectation that a care home is the main value generating purpose of each site. Valuations are performed by professional valuation experts on a routine basis as required based on a multiple of earnings. The earnings used vary depending on the performance of the business with the multiples applied varying depending on factors such as the location, condition and market position of the asset. Given the variability of these factors the fair value of these assets is a judgemental estimate which will fluctuate over time. In an arm's length sale between willing parties the best price would still be Existing use value rather than Open Market Value. These assets are used through the group for trading purposes; they are not held by the company for their investment potential and no rent is charged. Consequently, they are not classed as investment properties under FRS 102. The carrying value of land and buildings is £10,062,059 (2024 - £10,231,221).
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 15 and 17.
Deferred tax on revalued land and buildings
Deferred tax on revalued land and buildings is estimated by comparing the indexed cost to the net book value of the revalued asset and then using the expected future tax rate to estimate the future tax liability. The carrying value of the deferred tax liability is £874,447 (2024 - £952,652).
Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.
Revenue recognition
The turnover shown in the profit and loss account represents the amount of goods and services provided during the year.
Income relates to monies received for the provision of care home services and is recognised on a straight line basis over the period of residence.
Government grants
Covid-19 related grants do not have any imposed specified future performance-related conditions on the company, and therefore are recognised when the grant proceeds are received or receivable. The grant agreements do include specific criteria on what these funds can be spent on and therefore spending is monitored closely by management.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. 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.
Deferred tax movements on the timing differences of revalued properties are recognised in the revaluation reserve via other comprehensive income. Where the revaluation reserve is nil, the deferred tax movement is charged to the profit and loss.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Tangible assets
Tangible assets, except freehold land and buildings 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.
Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
Not depreciated |
|
Freehold buildings |
2% straight line |
|
Furniture, fittings and equipment |
20-100% straight line |
|
Assets under course of construction |
Not depreciated |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less subsequent accumulated amortisation. Costs include software development expenditure.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its useful economic life. When a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 10 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
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 |
10% straight line |
|
Software |
20% straight line |
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans with group companies and entities under common control; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when a company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans with group companies and entities under common control, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans with group companies and entities under common control are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Care services |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
|
|
Sub lease rental income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
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 |
|
|
|
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
The average number of persons employed by the company (including Directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Management staff |
|
|
|
Administrative staff |
|
|
|
Care Staff |
|
|
|
|
|
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
185,192 |
115,218 |
Of the remuneration above a total of £Nil (2024 - £55,605), including £Nil (2024 - £Nil) of contributions paid to money purchase scheme, were capitalised or recharged to entities under common control.
During the year the number of Directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
- |
|
|
Interest on loans to entities under common control |
|
|
|
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Interest on loans from entities under common control |
|
|
|
|
|
|
Taxation |
Tax charged in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
197,552 |
196,113 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher 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 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Origination and reversal of timing differences |
- |
|
|
Deferred tax on revalued property |
- |
|
|
Other short term timing differences |
|
- |
|
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
2024 |
Asset |
Liability |
|
Origination and reversal of timing differences |
- |
|
|
Deferred tax on revalued property |
- |
|
|
Other short term timing differences |
|
- |
|
|
|
|
Intangible assets |
|
Goodwill |
Software |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2024 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 30 September 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 October 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
Amortisation eliminated on disposals |
- |
( |
( |
|
At 30 September 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 September 2025 |
- |
|
|
|
At 30 September 2024 |
- |
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Assets under course of construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 30 September 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2024 |
|
|
- |
|
|
Charge for the year |
|
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 30 September 2025 |
|
|
- |
|
|
Carrying amount |
||||
|
At 30 September 2025 |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
Revaluation
The fair value of the company's freehold land and buildings was revalued on
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Furniture, fittings and equipment |
1,381 |
8,033 |
Restriction on title and pledged as security
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
|
|
Less non-current portion |
- |
( |
|
Total current trade and other debtors |
451,120 |
599,992 |
Details of trade and other debtors
£Nil (2024 - £736,889) of amounts owed by entities under common control, included in other debtors, is classified as non current.
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
- |
|
|
|
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents |
(39,385) |
27,794 |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
- |
|
|
Trade creditors |
|
|
|
|
Corporation tax |
146,040 |
60,516 |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Amounts owed to group undertakings |
401,821 |
1,402,236 |
|
|
Amounts owed to entities under common control |
- |
762,256 |
|
|
401,821 |
2,164,492 |
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank overdrafts |
|
- |
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Obligations under leases and hire purchase contracts |
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 |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 October 2024 |
|
|
|
|
Decrease in existing provisions |
( |
( |
( |
|
At 30 September 2025 |
|
- |
|
|
|
|||
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Share capital |
Allocated, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary A shares of £1 each |
7,200 |
7,200 |
7,200 |
7,200 |
|
Ordinary B shares of £1 each |
2,800 |
2,800 |
2,800 |
2,800 |
|
10,000 |
10,000 |
10,000 |
10,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|
|
Interim dividend of £ |
- |
|
|
Contingent liabilities |
The company is party to a cross guarantee with related parties in favour of Coutts & Co.
The bank borrowing of the companies are secured over the freehold properties owned by each company respectively and at the balance sheet date amounted to:
Other related parties £49,539,299 (2024 - £48,363,396).
Included within the tangible fixed assets net book value of £10,275,819 is £1,381 (2024 - £25,537) relating to assets held under hire purchase agreements payable by entities under common control. The depreciation charged to the financial statements in the year in respect of such assets amounted to £6,652 (2024 - £9,592).
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 October 2024 |
Advances to director |
At 30 September 2025 |
|
Director 1 |
|||
|
Interest free, unsecured and repayable on demand |
|
|
|
|
2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
|
Director 1 |
|||
|
Interest free, unsecured and repayable on demand |
|
|
|
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
Summary of transactions with parent
Any purchases are made at normal market prices. Outstanding balances with with parent entity are unsecured, interest bearing and cash settled.
Summary of transactions with entities under common control
Outstanding balances with entities are unsecured, interest bearing and cash settled.
Expenditure with and payables to related parties
|
2025 |
Entities under common ownership |
|
Charitable donations |
|
|
Amounts payable to related party |
|
|
|
|
Loans to related parties
|
2025 |
Entities under common ownership |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
- |
|
|
|
|
2024 |
Entities under common ownership |
|
At start of period |
|
|
Advanced |
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Repaid |
( |
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At end of period |
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Loans from related parties
Althea Healthcare Limited
Notes to the Financial Statements
Year Ended 30 September 2025
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2025 |
Parent |
Entities under common ownership |
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At start of period |
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Advanced |
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|
Repaid |
( |
( |
|
At end of period |
|
- |
|
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||
|
2024 |
Parent |
Entities under common ownership |
|
At start of period |
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|
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Advanced |
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Repaid |
( |
( |
|
At end of period |
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||
Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Althea Healthcare (Holdings) Limited is:
Clapham Road South
Lowestoft
Suffolk
NR32 1QS