Elmwood Healthcare Properties Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 11

Elmwood Healthcare Properties Limited

Balance Sheet

30 September 2025

	Note	2025 £	Unaudited 2024 £
Fixed assets
Tangible assets	4	7,468,685	5,834,840
Investments	5	10	10
		7,468,695	5,834,850
Current assets
Debtors (including £513,487 due after more than one year (2024 - £783,671))	6	513,488	783,671
Creditors: Amounts falling due within one year	7	(1,346)	-
Net current assets		512,142	783,671
Total assets less current liabilities		7,980,837	6,618,521
Creditors: Amounts falling due after more than one year	7	(6,484,658)	(6,826,651)
Provisions for liabilities		(438,231)	-
Net assets/(liabilities)		1,057,948	(208,130)
Capital and reserves
Called up share capital	9	500	500
Revaluation reserve		1,314,692	-
Profit and loss account		(257,244)	(208,630)
Shareholders' funds/(deficit)		1,057,948	(208,130)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 May 2026 and signed on its behalf by:
 

......................................... Mr V Thayanandarajah Director

Company Registration Number: 14816237

Elmwood Healthcare Properties Limited

Notes to the Financial Statements

Year Ended 30 September 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS
United Kingdom

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The financial statements contain information about Elmwood Healthcare Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are subject to the small companies regime.

Going concern

At the year end date, the company had net assets of £1,057,948 (2024 - net liabilities of £208,130) and incurred a net loss for the year then ended of £48,614 (2024 - £208,630).

The directors believe, with the support of the parent company and the directors, the company has sufficient working capital to continue to trade for the foreseeable future.

Therefore the directors continue to adopt a going concern basis in preparing the financial statements.

The financial statements do not include any adjustments that would result from any change in the company's circumstances such that the going concern basis would no longer be appropriate.

Elmwood Healthcare Properties 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
Management have reassessed the Existing Use Value of the property with reference to current year trading performance, using EBITDA as the primary valuation metric. The EBITDA applied in the valuation has been reviewed against actual current year results and management consider it to remain an appropriate basis for determining Existing Use Value. The carrying amount of land and buildings at the year end is £7,468,685 (2024: £5,834,840). See note 4 for further details.

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 cost is originally processed.

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 notes 6 and 7.

Elmwood Healthcare Properties Limited

Notes to the Financial Statements

Year Ended 30 September 2025

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 EBITDA. 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 price would be based on Existing Use Value rather than Open Market Value, as the current use as a care home represents the primary value generating purpose of each site. These assets are used through the group for trading purposes; they are not held by the company for their investment potential. Consequently, they are not classed as investment properties under FRS 102. The carrying value of land and buildings is £7,468,685 (2024 - £5,834,840).

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 £438,231 (2024 - £Nil) and this is recognised in the revaluation reserve.

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

Revenue comprises of rental income earned from the company’s subsidiary in respect of the property assets owned by the company. Revenue is recognised on an accruals basis, reflecting the period in which the subsidiary receives the benefit and the company’s right to consideration arises. Amounts due from or to the subsidiary are recorded as intra‑group balances in line with the company’s financial instruments policy.

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.

Elmwood Healthcare Properties 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.

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 property	2% straight line
Freehold land	Not depreciated

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loan with group companies and entities under common control; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the 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.
 

Elmwood Healthcare Properties Limited

Notes to the Financial Statements

Year Ended 30 September 2025

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 October 2024	5,953,918	5,953,918
Revaluations	1,752,923	1,752,923
At 30 September 2025	7,706,841	7,706,841
Depreciation
At 1 October 2024	119,078	119,078
Charge for the year	119,078	119,078
At 30 September 2025	238,156	238,156
Carrying amount
At 30 September 2025	7,468,685	7,468,685
At 30 September 2024	5,834,840	5,834,840

Included within the net book value of land and buildings above is £7,468,685 (2024 - £5,834,840) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's freehold property was revalued on 24 May 2023 by an independent valuer. The basis of this valuation was at existing use value, which is considered by the Directors to approximate to fair value. The name and qualification of the independent valuer, is Colliers International, Chartered Surveyors, who are external to the company. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,715,762 (2024 - £5,834,840). The Directors have assessed that the existing use value calculated by the independent valuer in the latest valuation described above represents the accurate fair value of the freehold property as at 30 September 2025.

Elmwood Healthcare Properties Limited

Notes to the Financial Statements

Year Ended 30 September 2025

5	Investments

	2025 £	Unaudited 2024 £
Investments in subsidiaries	10	10