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REGISTERED NUMBER: 05107546 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

Gladman Retirement Living Limited

Gladman Retirement Living Limited (Registered number: 05107546)






Contents of the Consolidated Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Gladman Retirement Living Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr J M S Shepherd
Mr D J Gladman
Mr S D J Gladman
Mrs K J Gladman
Ms J E Gladman
Dr E J A Gladman
Mr J K Chadwick





SECRETARY: Mr J M S Shepherd





REGISTERED OFFICE: Adlington House
Alexandria Way
Congleton
Cheshire
CW12 1LB





REGISTERED NUMBER: 05107546 (England and Wales)





AUDITORS: Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Gladman Retirement Living Limited (Registered number: 05107546)

Group Strategic Report
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the group during the year was that of designing, constructing and selling retirement apartments. Our vision is to empower our older generation to live a long, happy and healthy life, and we create quality homes for individuals who want to remain independent. There is a recognised housing shortage in the retirement living sector and the group growth plans are to become a market leader in retirement living with care.

Many organisations in the sector do not offer optional personal care, and this - together with the creation of active communities - offers a key selling point to many prospective buyers, as this is a needs-based purchase.

The group is positioned to attract the mid-market (Middle England target audience) which offers the largest opportunity growth in the independent retirement living sector.

The underlying operational performance of the business remained in line with that of the previous year despite a challenging sales environment. The business remains well-structured and well placed for growth and whilst the anticipated growth in the year ended 31st March 2024 did not materialise, it was pleasing to see decisions taken in previous years allowed the business to manage its cost base effectively whilst retaining the structure and capacity which will provide the foundations for future growth.

Sales performance in the year was frustrated by several wider economic and market issues. Increasing interest rates, cost of living inflationary pressures and political uncertainty gave rise to a challenging housing market, and whilst our target market was perhaps less impacted by the economic conditions, the impact was certainly felt in the wider housing market and sales chain, resulting in a slower sales trajectory at our retirement schemes. We remain convinced that favourable market conditions will return and that the business is well placed to capitalise on the latent demand which will in turn drive improved sales performance and profitability.

Despite the slow-down in sales, forward thinking and strategic decisions were made to continue with the development pipeline as schemes reached practical completion at Kempston (October 2023) and Wylde Green (January 2024). Work commenced on site at Exeter and the build programs continued in earnest on site at Newcastle under Lyme and Knaresborough, all of which will provide a strong pipeline of sales into the new financial year and beyond. The Land and Planning teams remain active in the market in pursuing new sites and securing planning permission on acquired sites. Future schemes include a second Lytham development, Ampthill and Leicester all of which will deliver positive returns for the group in the short to medium term.

The underlying stability of the business was further enhanced during the year as a new 5 year £75m funding agreement was delivered with our existing banking partner NatWest and our new funding partner Homes England. The facility will enable the business to accelerate its development pipeline over the medium term with a facility that we believe to be unique and the first of its kind in the retirement sector.

The business is managed not only by the senior leadership team but also the directors, who are also the principal shareholders of the group. The business has a stable team of long-term partner businesses who provide the company with services, expertise, consultancy, materials and the construction function, to complement the management and decision-making skills of Gladman Retirement Living Limited's team of employees.

One of the most significant partners in this process is Gladman Homes LLP, a partnership whose principal partners are also directors of Gladman Retirement Living Limited. Gladman Homes LLP manages the construction of the retirement apartments on a cost-plus profit margin basis for the group. Gladman Homes LLP is seen as the default principal contractor (in turn employing sub-contractors, procuring building materials, and completely project managing the construction process including on-site management).


Gladman Retirement Living Limited (Registered number: 05107546)

Group Strategic Report
for the year ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are constantly mindful of various risks which could significantly impact on the financial performance of the business and comment upon these issues as follows:

a) Inflationary Pressures / Price risk
Whilst the rise in the cost of living and increasing interest rates may have less of an impact on our target customer base, it will have an impact on the wider housing market and sales chain, posing the risk of a slower sales trajectory at our retirement schemes. The Directors remain confident that through structured and targeting marketing along with some of our innovative sales incentives and structures we will deliver the remaining apartment sales during the next financial year.

The business itself is not immune to inflationary pressure on costs principally build cost inflation. Gladman Homes LLP, our main contractor, has a long track record in delivering best value and managing large and complicated build programs. Gladman Homes LLP work with long established subcontractors who have the relevant expertise, delivery capacity and economies of scale required. In addition, the Directors along with the senior management team carry out robust appraisals of every scheme before the site is acquired and development commences. The business has access to range of in-house experts with a breadth of technical knowledge across all aspects of construction, development, sales and financing.

b) Borrowing facilities are reduced/terminated and cashflow risk
The directors remain extremely confident that their track record will ensure that adequate banking facilities will continue to be available to them for the foreseeable future. Our new banking facility is secured until November 2028, funding relationships remain strong, and our funding partners are supportive of the growth strategy.

c) Major accident
The contractual structure of the group results in the development contractor, Gladman Homes LLP, or other external main contractors, being legally responsible for the construction process including health and safety issues and legislation.

Gladman Homes LLP are an associated business with close links and the directors are fully satisfied that Gladman Homes LLP gives sufficient priority, resources and emphasis to health & safety and does not allow finance, deadlines or any other expediency to reduce its high standards in this regard.

d) Liquidity risk
The directors regularly review the liquidity of the Group and responds as needed. Given the size and nature of the risk this is considered to be effective.

e) Credit risk
Credit risk is deemed to be minimal as a buyer cannot move into a property until they have paid.

DEVELOPMENT AND PERFORMANCE
The aim of the directors of the group for the coming year is to continue to protect the financial health of the group and facilitate a return to profitability. Signs are positive with a strong pipeline, the market returning to normality and with relatively little competition, the group can continue with the development of an increasing number of schemes to fulfil market demand.

KEY PERFORMANCE INDICATORS
Profit ratios

Total turnover: Group £27,098,053 (2023: £43,025,645) and company £24,913,270 (2023: £22,511,094).

Solvency ratios
Current ratio Group 2.00 (2023: 2.82) and company 2.00 (2023: 2.82).

Capital ratios
Current creditors / Shareholders funds (%) Group 95.67% (2023: 52.38%) and company 95.51% (2023: 52.18%).
Total liabilities / Shareholders funds (%) Group 95.57% (2023: 54%) and company 95.51% (2023: 53.85%).

ON BEHALF OF THE BOARD:





Mr J M S Shepherd - Director


30 September 2024

Gladman Retirement Living Limited (Registered number: 05107546)

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of development of retirement homes and apartments for sale.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

There was £99 non equity dividend paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr J M S Shepherd
Mr D J Gladman
Mr S D J Gladman
Mrs K J Gladman
Ms J E Gladman
Dr E J A Gladman
Mr J K Chadwick

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J M S Shepherd - Director


30 September 2024

Report of the Independent Auditors to the Members of
Gladman Retirement Living Limited

Opinion
We have audited the financial statements of Gladman Retirement Living Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Gladman Retirement Living Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journals entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business.

Audit procedures performed included
- Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations
- Auditing the risk of management override of controls, through testing journals entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business and
- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations

There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may be deliberate concealment by for example, forgery or intentional misrepresentation, or through collisions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Gladman Retirement Living Limited


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 a Report of the Auditors 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.




Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

30 September 2024

Gladman Retirement Living Limited (Registered number: 05107546)

Consolidated
Income Statement
for the year ended 31 March 2024

2024 2023
Notes £ £

TURNOVER 3 27,098,053 43,025,645

Cost of sales (26,595,360 ) (42,471,789 )
GROSS PROFIT 502,693 553,856

Administrative expenses (4,372,775 ) (4,126,738 )
(3,870,082 ) (3,572,882 )

Other operating income 4 441,020 350,325
OPERATING LOSS 6 (3,429,062 ) (3,222,557 )

Interest receivable and similar income 45,052 17,878
(3,384,010 ) (3,204,679 )
Amounts written off investments 7 (100 ) -
(3,384,110 ) (3,204,679 )

Interest payable and similar expenses 8 (585,350 ) (8,174 )
LOSS BEFORE TAXATION (3,969,460 ) (3,212,853 )

Tax on loss 9 - -
LOSS FOR THE FINANCIAL YEAR (3,969,460 ) (3,212,853 )
Loss attributable to:
Owners of the parent (3,969,460 ) (3,212,853 )

Gladman Retirement Living Limited (Registered number: 05107546)

Consolidated
Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £ £

LOSS FOR THE YEAR (3,969,460 ) (3,212,853 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR

(3,969,460

)

(3,212,853

)

Total comprehensive loss attributable to:
Owners of the parent (3,969,460 ) (3,212,853 )

Gladman Retirement Living Limited (Registered number: 05107546)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 11 3,115,850 3,177,789
Investments 12 - -
3,115,850 3,177,789

CURRENT ASSETS
Stocks 13 112,505,271 94,817,307
Debtors: amounts falling due within one year 14 2,730,855 3,004,196
Debtors: amounts falling due after more than one
year

14

5,932,498

4,202,166
Cash at bank 4,615,380 1,250,965
125,784,004 103,274,634
CREDITORS
Amounts falling due within one year 15 (8,733,550 ) (36,588,536 )
NET CURRENT ASSETS 117,050,454 66,686,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,166,304

69,863,887

CREDITORS
Amounts falling due after more than one year 16 (54,273,048 ) (1,171 )
NET ASSETS 65,893,256 69,862,716

CAPITAL AND RESERVES
Called up share capital 20 61,282,465 61,282,465
Share premium 9,199,000 9,199,000
Capital redemption reserve 34 34
Retained earnings (4,588,243 ) (618,783 )
SHAREHOLDERS' FUNDS 65,893,256 69,862,716

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





Mr J M S Shepherd - Director


Gladman Retirement Living Limited (Registered number: 05107546)

Company Balance Sheet
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 11 3,115,423 3,177,163
Investments 12 101 201
3,115,524 3,177,364

CURRENT ASSETS
Stocks 13 111,545,771 91,588,898
Debtors: amounts falling due within one year 14 3,777,502 6,234,817
Debtors: amounts falling due after more than one
year

14

5,932,498

4,202,166
Cash at bank 4,551,201 1,129,115
125,806,972 103,154,996
CREDITORS
Amounts falling due within one year 15 (8,690,337 ) (36,459,309 )
NET CURRENT ASSETS 117,116,635 66,695,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,232,159

69,873,051

CREDITORS
Amounts falling due after more than one year 16 (54,273,048 ) (1,171 )
NET ASSETS 65,959,111 69,871,880

CAPITAL AND RESERVES
Called up share capital 20 61,282,465 61,282,465
Share premium 9,199,000 9,199,000
Capital redemption reserve 34 34
Retained earnings (4,522,388 ) (609,619 )
SHAREHOLDERS' FUNDS 65,959,111 69,871,880

Company's loss for the financial year (3,912,769 ) (3,002,665 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





Mr J M S Shepherd - Director


Gladman Retirement Living Limited (Registered number: 05107546)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 April 2022 9,700 2,594,070 9,199,000 34 11,802,804

Changes in equity
Issue of share capital 61,272,765 - - - 61,272,765
Total comprehensive loss - (3,212,853 ) - - (3,212,853 )
Balance at 31 March 2023 61,282,465 (618,783 ) 9,199,000 34 69,862,716

Changes in equity
Total comprehensive loss - (3,969,460 ) - - (3,969,460 )
Balance at 31 March 2024 61,282,465 (4,588,243 ) 9,199,000 34 65,893,256

Gladman Retirement Living Limited (Registered number: 05107546)

Company Statement of Changes in Equity
for the year ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 April 2022 9,700 2,393,046 9,199,000 34 11,601,780

Changes in equity
Issue of share capital 61,272,765 - - - 61,272,765
Total comprehensive loss - (3,002,665 ) - - (3,002,665 )
Balance at 31 March 2023 61,282,465 (609,619 ) 9,199,000 34 69,871,880

Changes in equity
Total comprehensive loss - (3,912,769 ) - - (3,912,769 )
Balance at 31 March 2024 61,282,465 (4,522,388 ) 9,199,000 34 65,959,111

Gladman Retirement Living Limited (Registered number: 05107546)

Consolidated Cash Flow Statement
for the year ended 31 March 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (19,539,178 ) (24,819,616 )
Interest paid (585,251 ) (8,075 )
Finance costs paid (99 ) (99 )
Net cash from operating activities (20,124,528 ) (24,827,790 )

Cash flows from investing activities
Purchase of tangible fixed assets (52,304 ) (223,200 )
Interest received 45,052 17,878
Net cash from investing activities (7,252 ) (205,322 )

Cash flows from financing activities
New loans in year 63,553,008 -
Loan repayments in year (40,056,813 ) (1,518,512 )
Amount withdrawn by directors - (41,272,766 )
Share issue - 61,272,765
Net cash from financing activities 23,496,195 18,481,487

Increase/(decrease) in cash and cash equivalents 3,364,415 (6,551,625 )
Cash and cash equivalents at beginning of year 2 1,250,965 7,802,590

Cash and cash equivalents at end of year 2 4,615,380 1,250,965

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Loss before taxation (3,969,460 ) (3,212,853 )
Depreciation charges 114,243 112,835
Finance costs 585,350 8,174
Finance income (45,052 ) (17,878 )
(3,314,919 ) (3,109,722 )
Increase in stocks (17,687,964 ) (8,407,482 )
Increase in trade and other debtors (1,456,991 ) (2,791,009 )
Increase/(decrease) in trade and other creditors 2,920,696 (10,511,403 )
Cash generated from operations (19,539,178 ) (24,819,616 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£ £
Cash and cash equivalents 4,615,380 1,250,965
Year ended 31 March 2023
31.3.23 1.4.22
£ £
Cash and cash equivalents 1,250,965 7,802,590


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank 1,250,965 3,364,415 4,615,380
1,250,965 3,364,415 4,615,380
Debt
Debts falling due within 1 year (20,775,682 ) 20,775,682 -
Debts falling due after 1 year (1,171 ) (44,271,877 ) (44,273,048 )
(20,776,853 ) (23,496,195 ) (44,273,048 )
Total (19,525,888 ) (20,131,780 ) (39,657,668 )

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Gladman Retirement Living Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling(£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

Work in progress consists of a number of development sites. The valuations of these sites is a combination of third party professional valuations and valuations undertaken by the directors. Where valued by the directors they have used their professional judgement and expertise in this field to estimate the net realisable value of the sites

Deferred tax

Deferred tax asset recognition is based on expected profitability of the Group based on forecasts. These forecasts take into account expected changes in the group's trade including known order levels, sales pricing structures, expected movements in the cost base of the business. These assumptions are compared to historic trading levels and patterns and altered where known changes occur. The level of taxable profits expected per these forecasts is then considered against the available tax losses and relevant tax asset recognised accordingly

CFF

Communal fees are payable to the group at the rate of between 1.75% and 4% of the market value of the apartment at the date of the subsequent sale. There is estimation involved in the value of this based on estimated sales date. The directors use their professional judgement and expertise in this field to reliably estimate the value of the Communal fees facility income each year.

Key sources of estimation uncertainty

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.

Useful economic lives of tangible fixed assets

As described in the accounting policies note to the financial statements, depreciation of tangible fixed assets has been based on useful economic lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals current and prior accounting periods.

Work in progress

Work in progress includes a number of apartments. The directors use their judgement to determine the net realisable value of these apartments and whether any provision is required.

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for retirement apartments and ancillaries sold by the company.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the Economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In respect of retirement apartments sold, this is at the point that contracts have been unconditionally legally exchanged.

In respect of retirement apartments sold, communal facilities fees are payable to the company at the rate of between 1.75% to 4% of the market value of the apartment at the date of the subsequent disposal, for each year, up to a maximum of 5-10 years, that the apartment is owned by the purchaser.

Each year, the value of the amount recoverable at the year end is estimated. In order to estimate the value, it is necessary to estimate the future selling proceeds of the apartments. The amount recoverable is re assessed each year and the adjustments reflected in the Income Statement. Additionally, further services are performed by the company when the apartment is disposed of. The estimated costs are not included in the estimated value.

There is uncertainty as to the timing of the eventual receipts and the open market value of the apartment at the date of the subsequent disposal. Given this, the debtor at the year end cannot be measured with absolute accuracy and there is the possibility that the amount calculated could differ from what is eventually received. Any fluctuations will lead to an adjustment to profit in the year that the apartment is re-sold. Where the rights to receive future communal facilities fees are disposed of after the year end and the consideration is less than the communal facilities fee income recognised (net of the discount), the net carrying value will be restricted to the disposal value.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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 credited or charged to the Income Statement.

Stocks
Work in progress is stated at the lower of coat and net realisable value. Cost comprises direct materials and, where applicable , the attributable proportion of finance costs , direct wages and direct overheads based on the level of the finance outstanding at the individual sites. Direct costs include deposits where unconditional exchange has not taken place as well as the cost of acquiring options over the land.

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

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

Other financial liabilities

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have assessed forecasts and considered available sources of finance and are satisfied that the group can continue trading and meet its obligations as they fall due. The accounts have therefore been prepared on a going concern basis.

Reserves
The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs.

The capital redemption reserve records the nominal value of shares repurchased by the company.

Other operating income
Other operating income consists of rents received, ground rent receivable, management fees receivable and sundry receipts. All are recognised at the fair value of the consideration received on an accruals basis.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£ £
Sales 25,228,451 42,052,393
Sale of services 1,869,602 973,252
27,098,053 43,025,645

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

4. OTHER OPERATING INCOME
2024 2023
£ £
Rents received 37,000 42,350
Sundry receipts 45,134 31,640
Ground rent receivable 31,836 31,535
Management fees receivable 327,050 244,800
441,020 350,325

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,085,310 3,875,647
Social security costs 472,454 457,266
Other pension costs 492,504 447,861
5,050,268 4,780,774

The average number of employees during the year was as follows:
2024 2023

Directors 7 8
Production and management staff 74 75
81 83

2024 2023
£ £
Directors' remuneration 304,738 296,544
Directors' pension contributions to money purchase schemes 45,203 32,870

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 163,590 158,770
Pension contributions to money purchase schemes 26,765 32,870

6. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£ £
Hire of plant & machinery 38,701 30,628
Depreciation - owned assets 114,243 112,834
Auditors' remuneration 29,000 23,278

7. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£ £
Amounts written off
investments 100 -

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 585,251 8,075
Non equity dividend payable 99 99
585,350 8,174

9. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Loss before tax (3,969,460 ) (3,212,853 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

(992,365

)

(610,442

)

Effects of:
Expenses not deductible for tax purposes 199,312 29,793
Capital allowances in excess of depreciation (14,983 ) (17,931 )
qualifying for tax allowances
Unrecognised deferred tax asset re losses 808,036 598,580
Total tax charge - -

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 March 2024, the tax rate was 25%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Computer
property fittings equipment Totals
£ £ £ £
COST
At 1 April 2023 3,327,226 397,106 797 3,725,129
Additions 17,663 34,641 - 52,304
At 31 March 2024 3,344,889 431,747 797 3,777,433
DEPRECIATION
At 1 April 2023 260,171 286,998 171 547,340
Charge for year 66,898 47,146 199 114,243
At 31 March 2024 327,069 334,144 370 661,583
NET BOOK VALUE
At 31 March 2024 3,017,820 97,603 427 3,115,850
At 31 March 2023 3,067,055 110,108 626 3,177,789

Company
Fixtures
Freehold and
property fittings Totals
£ £ £
COST
At 1 April 2023 3,327,226 397,106 3,724,332
Additions 17,663 34,641 52,304
At 31 March 2024 3,344,889 431,747 3,776,636
DEPRECIATION
At 1 April 2023 260,171 286,998 547,169
Charge for year 66,898 47,146 114,044
At 31 March 2024 327,069 334,144 661,213
NET BOOK VALUE
At 31 March 2024 3,017,820 97,603 3,115,423
At 31 March 2023 3,067,055 110,108 3,177,163

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 April 2023 201
Impairments (100 )
At 31 March 2024 101
NET BOOK VALUE
At 31 March 2024 101
At 31 March 2023 201

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Gladman Retirement Living (One) Limited
Registered office: Adlington House, Alexandria Way, Congleton, Cheshire CW12 1LB
Nature of business: Sale of retirement homes
%
Class of shares: holding
Ordinary 100.00

Adlington Estates Limited
Registered office: Adlington House, Alexandria Way, Congleton, Cheshire CW12 1LB
Nature of business: Sale of retirement homes
%
Class of shares: holding
Ordinary 100.00

The subsidiary undertaking has been included in the consolidation of Gladman Retirement Living Limited for the year ended 31 March 2024 and has taken advantage of an exemption under section 479A of the Companies Act 2006. In order to allow this subsidiary to take the audit exemption, the parent company, Gladman Retirement Living Limited, has given a statutory guarantee, in line with 479C of the Companies Act 2006.

Gladman Retirement Living St Helens Limited
Registered office: Adlington House, Alexandria Way, Congleton, Cheshire CW12 1LB
Nature of business: Buying and selling of own real estate
%
Class of shares: holding
Ordinary 100.00

The subsidiary undertaking has been included in the consolidation of Gladman Retirement Living Limited for the year ended 31 March 2024 and has taken advantage of an exemption under section 479A of the Companies Act 2006. In order to allow this subsidiary to take the audit exemption, the parent company, Gladman Retirement Living Limited, has given a statutory guarantee, in line with 479C of the Companies Act 2006. The company was dissolved on 9 July 2024, therefore a £100 impairment has been recognised.


13. STOCKS

Group Company
2024 2023 2024 2023
£ £ £ £
Work-in-progress 112,505,271 94,817,307 111,545,771 91,588,898

Work in progress includes interest of £6,988,721 (2023 £4,674,265).

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

14. DEBTORS

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year:
Trade debtors 144,896 555,883 140,822 559,483
Amounts owed by group undertakings - - 1,066,645 3,253,103
Other debtors 940,955 805,252 934,775 805,072
VAT 8,916 1,370,972 8,916 1,370,972
Prepayments 1,636,088 272,089 1,626,344 246,187
2,730,855 3,004,196 3,777,502 6,234,817

Amounts falling due after more than one year:
Trade debtors 3,812,419 2,082,087 3,812,419 2,082,087
Other debtors 595,000 595,000 595,000 595,000
Deferred tax 1,525,079 1,525,079 1,525,079 1,525,079
5,932,498 4,202,166 5,932,498 4,202,166

Aggregate amounts 8,663,353 7,206,362 9,710,000 10,436,983

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

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

Group and company 2024 2023
£   
Accelerated capital allowances 137,643 137,643
Tax losses (1,662,722 (1,662,722 )
(1,525,079 (1,525,079 )

Movements in the year:

Group and company Deferred tax
£   
Balance at 1 April 2023 and 31 March 2024 (1,525,079 )

The deferred tax asset set out above is expected to reverse in the foreseeable future and relates to the utilisation of tax losses against future expected profits.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 17) - 20,775,682 - 20,775,682
Trade creditors 5,328,880 11,775,189 5,311,969 11,679,886
Social security & other taxes 112,430 125,797 112,430 125,797
Other creditors 86,841 67,367 68,834 53,066
Due to group undertakings - 3,000,000 - 3,000,000
Accruals & deferred income 8,295 17,823 - -
Accrued expenses 3,197,104 826,678 3,197,104 824,878
8,733,550 36,588,536 8,690,337 36,459,309

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (see note 17) 44,271,877 - 44,271,877 -
Preference shares (see note 17) 1,171 1,171 1,171 1,171
Due to group undertakings 10,000,000 - 10,000,000 -
54,273,048 1,171 54,273,048 1,171

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans - 20,775,682 - 20,775,682
Amounts falling due between two and five years:
Bank loans - 2-5 years 44,271,877 - 44,271,877 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 1,171 1,171 1,171 1,171

The long term loans are secured by fixed charges over work in progress.

The bank loan expiry date is 29 November 2028. There is no repayment schedule. The rate of interest charged is 8.6869%.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £    £   
966 Preference shares £1 966 966
205 Deferred preference shares £1 205 205
1,171 1,171

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable
operating leases
2024 2023
£ £
Within one year 35,756 33,376
Between one and five years 29,004 39,981
64,760 73,357

At the balance sheet date the company has an ongoing annual financial lease commitment of £179,555 which is set off by ground rent it collects.

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 44,271,877 20,775,682 44,271,877 20,775,682

The bank holds as security a charge against all assets of the group.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
97,000 Ordinary £0.10 9,700 9,700
61,272,765 Preferred Ordinary £1 61,272,765 61,272,765
61,282,465 61,282,465

There are four classes of shares in issue. The rights. preferences and restrictions are set out below:

The ordinary 10p shares have attached to them full voting,dividend and capital distribution rights (including on winding up but after prior rights for the preference and deferred preference shares) rights. They do not confer any rights of redemption.

Preferred ordinary shares of £1 each. Each share has the right to a dividend if declared on the preferred ordinary shares, has a right to the return of their issue price and arrears of dividend after the preference and deferred preference shares but in priority to the ordinary shares and in priority to the ordinary shares 20% of assets in excess of £100,000,000 on any distribution of capital or on an exit. The preferred ordinary shares carry no votes.

The preference shares carry a fixed annual dividend of 10% of their nominal value, have a right as a class in priority to all other shares on a capital return to their issue price and arrears of dividend and in priority to the ordinary shares the amount which is £25,000,000 less the amounts already received for issue price and arrears of dividend. They carry no vote rights.

The deferred preference shares carry a fixed annual dividend of 1% of their nominal value, have a right as a class in priority to all other shares other than the preferred shares, on a capital return to their issue price and arrears of dividend. They carry no votes.

21. PENSION COMMITMENTS

A defined contribution pension scheme is operated for all qualifying employees. The asset of the scheme are held separately from those of the group in an independently administered fund. Total charges in respect of defined contribution schemes in the year were £447,301 (2023: £414,991). Unpaid contributions at the balance sheet date totalled £nil (2023: £nil).

22. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£ £
Sales and fees 405,673 295,391
Purchases 31,376,694 34,551,990
Loan interest paid 585,251 8,075
Services paid 1,255,307 955,677
Amount due from related party 1,685,332 1,527,192
Amount due to related party 15,730,065 10,001,329

Other related parties includes entities in which the controlling directors and shareholders of Gladman Retirement Living Limited, Mr D J Gladman, Mr J M S Shepherd and Mrs K J Gladman have a significant influence over.

Gladman Retirement Living Limited (Registered number: 05107546)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D J Gladman by way of his majority shareholding in the voting shares of the company.