The directors present the strategic report for the year ended 31 December 2025.
Overview of the Business
HFH Complex Care is a specialist nurse-led provider of complex care services for adults and children living in their own homes across London and the Southeast. The business delivers highly personalised, clinically led care packages for individuals with significant and long-term healthcare needs, including spinal cord injury, neurological conditions, acquired brain injury, respiratory care and learning disabilities.
The Group's strategic focus remains on delivering safe, outcome-based care that enables individuals to live independently within the community while reducing avoidable hospital admissions and supporting timely hospital discharge pathways. HFH Complex Care continues to differentiate itself through its nurse-led operating model, robust clinical governance framework, bespoke training capability, and strong relationships with NHS commissioners and Integrated Care Systems.
Statutory Budget Pressures and Sector Environment
The wider UK health and social care sector continues to operate in a financially constrained environment. NHS and local authority commissioners remain under significant statutory budget pressures arising from inflationary cost increases, workforce shortages, increasing acuity of need, and growing demand for community-based healthcare services.
Despite these pressures, the market for complex care delivered in the home continues to expand structurally. There is increasing recognition across the NHS that high-quality home-based complex care can improve client outcomes, reduce delayed discharges, lower readmission rates, and provide a more cost-effective alternative to prolonged hospital stays or institutional care settings. HFH Healthcare’s own service model highlights that specialist nurse-led home care can deliver meaningful commissioning efficiencies when compared with more traditional nurse-only delivery models.
The Directors recognise that funding negotiations, fee pressures, recruitment competition, and increasing regulatory expectations will continue to present operational challenges across the sector. However, the business remains well positioned within a specialist and growing market where demand materially exceeds supply in many regions.
The Directors consider the business to be operationally resilient and strategically well positioned within the complex care market. HFH Healthcare has continued to strengthen its reputation as a specialist provider of high-acuity care through investment in clinical leadership, governance, workforce development, and quality assurance processes.
A clearly differentiated nurse-led model;
Established commissioner relationships
A growing portfolio of complex care packages
Strong operational leadership and clinical oversight
Internal training capability supporting workforce competency and retention
Increasing demand for home-based complex care services
The Directors acknowledge that the operating environment remains challenging. Labour availability, wage inflation, compliance obligations, and the increasing complexity of client needs continue to place pressure on margins and operational delivery. Recruitment and retention of suitably trained carers and nurses remain a key strategic priority for the business.
Nevertheless, the Company has continued to invest in workforce development, governance systems, and scalable infrastructure to support sustainable long-term growth. The Directors believe these investments strengthen the Company’s ability to deliver safe, high-quality care while supporting future expansion.
There is no doubt that there are ongoing and significant pressures on the budgets for health and social care however the government have not as yet made any improvements.
What we do know is that there is a growing demand for our specialist services and this will continue due to the nature of the care that we deliver and the life expectancy of our clients that we care for. Complex care in the home is far more cost effective than expensive ITU care in a hospital setting and the bed that it blocks long term.
The financial key performance indicators to which the directors refer are set out below:
Other key performance indicators to which the directors refer, include client numbers and employee recruitment and training.
The Directors remain positive regarding the future outlook for the business and the wider complex care sector. Demand for specialist community-based care services is expected to continue increasing as healthcare policy increasingly prioritises care delivered within the home and community setting.
HFH Complex Care intends to continue expanding its regional presence, commissioner partnerships, and specialist service lines while maintaining its focus on clinical quality and client outcomes. The business also expects continued opportunities arising from:
Increased NHS focus on reducing hospital bed occupancy
Growing prevalence of long-term and complex health conditions
Demand for paediatric-to-adult transition services
Greater emphasis on personalised care delivered within the community
Expansion of Continuing Healthcare-funded packages
The Company’s strategic priority remains controlled and sustainable growth, underpinned by strong governance, investment in people, and maintenance of high clinical standards. While economic and commissioning pressures are expected to remain throughout the sector, the Directors believe HFH Healthcare is well positioned to continue growing within an expanding and increasingly important area of healthcare provision.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report. These matters relate to business review and future developments.
The group and company place considerable value on the involvement of their employees and have continued to keep them informed of matters affecting them as employees, and of the various factors affecting the performance of the group and company. This is achieved through formal and informal meetings and mailings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests. Employees are also eligible for various benefits (e.g. target-related bonuses, pension plan, staff discount).
Going concern
Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.
The performance of the business was strong in 2024/25 with revenue, cost control and EBITDA outperforming the previous year significantly. The formulation of proven strategies that include developing what we know best i.e. the London market, continuing to scale this to a wider geographical footprint and the successful introduction of additional specialist services, assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. Our plan for the year ahead will be to continue to expand into further geographies, utilising the additional business development and operational resource that are in place to do so.
At the time of approving the financial statements, the directors had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
We have audited the financial statements of HFH Complex Care Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £606,885 (2024 - £521,735 loss).
HFH Complex Care Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Tuition House, St George's Road, Wimbledon, London, SW19 4EU.
The group consists of HFH Complex Care Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company HFH Complex Care Ltd together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2025.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.
The performance of the business was strong in 2024/25 with revenue, cost control and EBITDA outperforming the previous year significantly. The formulation of proven strategies that include developing what we know best i.e. the London market, continuing to scale this to a wider geographical footprint and the successful introduction of additional specialist services, assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. Our plan for the year ahead will be to continue to expand in to further geographies, utilising the additional business development and operational resource that are in place to do so.
At the time of approving the financial statements, the directors had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before revenue is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
In determining the useful economic life of intangible fixed assets, which affects any requirement to impair those assets as well as the amortisation policy to be applied, the directors are required to estimate the future economic benefits which will arise from those assets and the period of time over which such benefits will flow. In the cases of trademarks and goodwill, the directors base this estimate on previous experience combined with projections of additional business which is likely to arise from the group controlling those assets. In the case of computer software, the directors consider the term of the software license and the period of time after which is considered that the software may be superseded. Variations in these various projections may lead to differences in the estimates of useful economic life.
All turnover arose within the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The directors are considered to be key management personnel. The company has taken advantage of the exemption available under FRS 102 Section 33 from disclosing key management personnel compensation.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Subsidiaries held indirectly are via Home From Hospital Limited.
Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
A loan of £8,164,000 (2024: £8,164,000) bears interest at a rate of 8%. During the year, the Company agreed revised terms with the holders of the loan notes. Under the amended arrangements, the annual interest rate applicable to the loan notes increased from its previous rate of 4.75% to 8% per annum. The maturity date of the loan note was extended to 30 June 2029.
Management loans of £749,587 (2024: £799,512) accrue interest at 1% which is included in accruals. The Principal and accrued interest being repayable on 22 March 2026. Management loans are designated as Third and Fourth Creditors, and cannot be repaid until the First Creditor loan of £8,164,000 plus interest have been repaid. Principal amounts received have been discounted at a market-equivalent rate of interest at the date of issue, with the corresponding unwinding of this adjustment being made over the life of the loan to its repayment date on 22 March 2026.
Certain loan notes from former managers were due for repayment on 22 March 2026. These loans will be repaid once the terms of an Intercreditor Agreement dated 22 March 2016 governing the security and repayment of these loans have been fully satisfied.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the year end, there were outstanding pension contributions of £97,940 (2024: £88,351).
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Each ordinary share carried one voting right and no right to fixed income.
This reserve represents the cumulative profits and losses of the group.
Other reserves
This reserve represents capital which has been contributed to the company by shareholders. The funds were not received by the company in exchange for shares, nor did it result in the establishment of a liability.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year, the group incurred consultancy fees of £72,000 (2024: £72,000) to GDN House Limited, a company controlled by a director of the company. The transactions were carried out during the normal course of business. There were no amounts outstanding at the balance sheet date (2024: £Nil).
During the year, the group incurred management fees of £60,000 (2024: £60,000) to Spring Ventures LLP, a company controlled by a director of the company. The transactions were carried out during the normal course of business. There were no amounts outstanding at the balance sheet date (2024: £Nil).
During 2016, the directors and shareholders provided finance to the Company in exchange for loan notes. Amounts outstanding at the year end are as follows:
Certain loan notes from former managers were due for repayment on 22 March 2026. These loans will be repaid once the terms of an Intercreditor Agreement dated 22 March 2016 governing the security and repayment of these loans have been fully satisfied.