Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31000700000001050000001410209832170451080737899A C De Changy2025-06-182024-01-01false2024-12-31114943520.250.2352false 11494352 2024-01-01 2024-12-31 11494352 2023-01-01 2023-12-31 11494352 2024-12-31 11494352 2023-12-31 11494352 2023-01-01 11494352 c:Director1 2024-01-01 2024-12-31 11494352 c:Director3 2024-01-01 2024-12-31 11494352 c:Director4 2024-01-01 2024-12-31 11494352 c:Director5 2024-01-01 2024-12-31 11494352 c:RegisteredOffice 2024-01-01 2024-12-31 11494352 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 11494352 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 11494352 d:Buildings d:LongLeaseholdAssets 2024-12-31 11494352 d:Buildings d:LongLeaseholdAssets 2023-12-31 11494352 d:Buildings d:LongLeaseholdAssets 2023-01-01 11494352 d:LandBuildings 2024-01-01 2024-12-31 11494352 d:LandBuildings 2023-01-01 2023-12-31 11494352 d:LandBuildings 2024-12-31 11494352 d:LandBuildings 2023-12-31 11494352 d:LandBuildings 2023-01-01 11494352 d:PlantMachinery 2024-01-01 2024-12-31 11494352 d:MotorVehicles 2024-01-01 2024-12-31 11494352 d:FurnitureFittings 2024-01-01 2024-12-31 11494352 d:ComputerEquipment 2024-01-01 2024-12-31 11494352 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 11494352 d:Goodwill 2024-01-01 2024-12-31 11494352 d:CurrentFinancialInstruments 2024-12-31 11494352 d:CurrentFinancialInstruments 2023-12-31 11494352 d:Non-currentFinancialInstruments 2024-12-31 11494352 d:Non-currentFinancialInstruments 2023-12-31 11494352 d:ShareCapital 2024-01-01 2024-12-31 11494352 d:ShareCapital 2024-12-31 11494352 d:ShareCapital 2023-01-01 2023-12-31 11494352 d:ShareCapital 2023-12-31 11494352 d:ShareCapital 2023-01-01 11494352 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11494352 d:RetainedEarningsAccumulatedLosses 2024-12-31 11494352 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11494352 d:RetainedEarningsAccumulatedLosses 2023-12-31 11494352 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11494352 c:OrdinaryShareClass1 2024-12-31 11494352 c:OrdinaryShareClass1 2023-12-31 11494352 c:FRS101 2024-01-01 2024-12-31 11494352 c:Audited 2024-01-01 2024-12-31 11494352 c:FullAccounts 2024-01-01 2024-12-31 11494352 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11494352 11 2024-01-01 2024-12-31 11494352 13 2024-01-01 2024-12-31 11494352 10 2024-01-01 2024-12-31 11494352 d:Non-currentFinancialInstruments d:Secured 2024-12-31 11494352 d:Non-currentFinancialInstruments d:Secured 2023-12-31 11494352 d:CurrentFinancialInstruments d:Secured 2024-12-31 11494352 d:CurrentFinancialInstruments d:Secured 2023-12-31 11494352 30 2024-01-01 2024-12-31 11494352 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2024-01-01 2024-12-31 11494352 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares
Registered number: 11494352


CARE TREE INVEST LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
CARE TREE INVEST LTD
 
 
 
COMPANY INFORMATION

 
Directors
A C De Changy 
B Duplat 
S T Foxall-Smith 
M H Lefebvre 




Registered number
11494352



Registered office
1st Floor
1 Lakeside Headlands Business Park

Salisbury Road

Blashford Ringwood

United Kingdom

BH24 3PB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 
CARE TREE INVEST LTD
 
 
 
CONTENTS


Page
Group Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Profit or Loss and Other Comprehensive Income
11
Consolidated Statement of Financial Position
12 - 13
Company Statement of Financial Position
14 - 15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18
Notes to the Consolidated Financial Statements
19 - 43
Company Detailed Profit and Loss Account and Summaries
43

 
CARE TREE INVEST LTD
 
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
 
The directors are pleased to give their report for the financial year to December 2024 for Care Tree Invest Limited (the ‘Group’ / the ‘business’).

Business review
 
The directors are satisfied with the results for the period, achieved in a highly pressured market, with wage inflation and a challenging economic backdrop creating continued headwinds on earnings / margin. The directors aim to provide a balanced and comprehensive review of the development and performance of the business, which despite market pressure has seen the company continue to build its residential home and supported living units principally in the north of England as supported by the financial statements for the year. 

Financial key performance indicators
 
The company constantly reviews Key Performance Indicators (KPI’s) that include fees received, payroll costs and operating profit which are detailed in the financial statements, some key KPI’s are as follows:

2024
2023
        £
        £
Revenue

32,294,539

30,253,921
 
Operating profit

2,902,613

5,466,882
 
Property, plant and equipment value

30,604,704

31,345,537
 
Net assets

38,519,177

38,993,467
 


Page 1

 
CARE TREE INVEST LTD
 
 
 
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
 
Financial
The group has outstanding finance of £45m and acknowledges the level of debt, remaining vigilant to the economic landscape however this step change represents a material reduction in risk for the Group.
The company continues to face risk from inflationary pressure on costs, in particular to changes in the National Living Wage and changes to the NI thresholds in 2025 but is well placed to manage these headwinds through both the scale of the group and the ability to recover cost increases through fee growth.
The company acknowledges that relationships with its suppliers and customers are key to its success and as such works closely with them to build long lasting business relationships. 
Staff recruitment
The group’s success is dependent on its staff and the ability to recruit and maintain a level of quality to drive the right culture. The company invests in training and through induction and aims to provide a safe and secure workplace for all individuals. Where challenges have been faced with recruitment the organisation has evolved with the market trends to ensure the organisation is able to recruit and retain staff. This done by proactively investing in staff development and providing clear development pathways for staff to progress through the organisation as we grow. 
Occupancy
The group’s occupancy levels are key to its continued success and any significant reduction would have an adverse effect on the results of the company.  Occupancy levels are maintained through continued close working with the local authorities. Our reputation as an organisation that can provide care and support to some of the most challenging in our society has been developed over many years and our local relationships continue to develop as we are able to offer bespoke care packages that meet the needs of a changing market. We continue to monitor local joint strategic needs to ensure that we are well positioned to meet the needs of changing demand, now and in the future.
 
Legislation and regulation
The group’s care home activities are monitored by the Care Quality Commission (CQC). The company takes its responsibility seriously and puts into place the necessary checks and monitoring to ensure compliance and is always willing to work with the CQC to maintain and improve standards. Our quality drives and initiatives within all our services ensure that standards and regulatory compliance remains at the core of what we do. When things go wrong, we have the capabilities and capacity to ensure services are supported through a quality outcomes framework and at its core is always the safety and wellbeing of our service users.
 
Community and environment
The group understands how important friendship and interaction with others are as part of life in the community. Therefore, we create an environment that encourages this to happen naturally. It's why you'll see excellent interaction between staff and service users in each of our homes, with close friendships also developing between the service users themselves. We acknowledge that the care homes are deeply within communities and all efforts are made to blend in and respect all parties concerned. All of our services are embedded within local communities. We work hard to ensure all of our service users have access to their community in order for them to feel an integral part of it. We would with local residents, community groups and organisations to offer the best possible outcomes for our service users and we feel this can only be achieved in complete partnership with our local communities.

Page 2

 
CARE TREE INVEST LTD
 
 
 
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 Companies Act Statement
The directors acknowledge their duty under Section 172 (1) (a) to (f) of the Companies Act 2006 to set out a statement explaining issues the considered in complying with this section in engaging with stakeholders, employees, suppliers and other parties the company interacted with during the period. The directors act in good faith to promote the company’s success for the benefit of the members as a whole and having regard to the provisions of Section 172 as follows: 
S172 (1) (A) – The likely consequences of any decision in the long term
The directors acknowledge that every decision has an impact on the people employed and the level of service and quality provided to continue growing its business and strives to understand the importance of such decisions
S 172(1) (B) - The interests of the Company and Group's employees
The directors appreciate the company’s employees are key to its success and as such strive to maintain a safe workplace and remain a responsible employer in maintaining the workplace environment and the pay and benefits of its employees through constant review and monitoring and seeking feedback at every juncture, providing training and support as necessary.
SI72(1) (C) - The need to foster the Company and Group’s business relationships with suppliers, customers, and others
The company continually monitors the relationships it holds with its suppliers, customers and local authorities to ensure they are strong and mutually beneficial to all parties concerned.
S172(1) (D)  - The impact of the Company and Group's operations on the community and the environment
The company is proud of the level of care it provides in its care homes and via Residential & supported living. We believe it’s important to work towards a future of improvement and enrichment. Even if the steps are small and the journey is long, our optimistic approach makes the future a highly desirable destination for our service users.
Individuals enjoy their own space to ensure, as much as possible, they can have independence and pride ourselves on this belief that this approach provides the very best care possible.
S172(1) (E) - The desirability of the Company and Group maintaining a reputation for high standards of business conduct
The company is regulated by the Care Quality Commission (CQC) and takes this responsibility for the provision of care with the upmost dedication with regular reviews to ensure a high level of standards are always maintained. Where standards do fall short, all remedial measures are put into place to improve matters and this continual striving to improve quality is something the company is proud of.
The company’s reputation of quality is paramount to its reputation to ultimately provide high levels of care within its operations.
S 172(1) (F) - The need to act fairly between members of the Company
The directors take the necessary actions to operate the company with the values it has set, balancing these between the stakeholders of the business and the overall desire to maintain high levels of care and build an operation based on fairness and appreciating service users, employees and suppliers and customers alike in delivering this mission.


This report was approved by the board and signed on its behalf.



................................................
A C De Changy
Director

Date: 18 June 2025

Page 3

 
CARE TREE INVEST LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, Directors' Report and the consolidated financial statements, in accordance with applicable law.

Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law they have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK and the parent company financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101).

Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of the profit or loss of the Group for that period. In preparing each of the consolidated and parent company financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

for the consolidated financial statements, state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

for the parent company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

assess the Group and company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Group or the company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Principal activity

The principal activity of the group in the year under review was that of the operation of care home facilities for the disabled and infirmed in the U.K.

Results and dividends

The loss for the year, after taxation, amounted to £474,290 (2023 -loss £294,545).

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

Directors

The directors who served during the year were:

A C De Changy 
B Duplat 
S T Foxall-Smith 
M H Lefebvre 

Page 4

 
CARE TREE INVEST LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Future developments

There have been no significant matters to note that have occured post year end.

Financial instruments

The group's operations expose it to financial risks that include credit risk and liquidity risk. Management have delegated the responsibility of monitoring financial risk management to the finance director.
The principal risks are detailed in the Strategic Report.

Engagement with employees

The Group is committed to ensuring equal opportunities for all and nurturing a diverse organisation. We promote a working environment of inclusiveness where all participants value each other's different contributions, skills and experience and are opposed to any form of less favourable treatment for employees or job applicants. This includes less favourable treatment caused by direct or indirect discrimination, on the grounds of disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, colour, nationality and ethnic or national origins, religion or belief, sex and/or sexual orientation or any other irrelevant factors.
We recognise the benefits to the organisation of a diverse and inclusive culture where everyone has the opportunity to thrive and fulfil their potential. It is committed to building a workforce that is diverse and reflects the community in which it works and to ensuring it can meet the needs of service users from all backgrounds. 
We strive to ensure that the work environment is free from harassment and bullying and that everyone is treated with dignity and respect. Care Tree puts its commitment to equality of opportunity and diversity into practice through its procedures for both recruitment and employment. References ACAS guidelines. 
The Group's full policy is given to employees at the start of employment. 

Disabled employees

The Group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the Group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.

Page 5

 
CARE TREE INVEST LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 



................................................
A C De Changy
Director

Date: 18 June 2025
Page 6

 
CARE TREE INVEST LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE TREE INVEST LTD
 

Opinion


We have audited the financial statements of Care Tree Invest Ltd (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Incomethe Consolidated Statement of Financial Position, the company Statement of Financial Positionthe Consolidated Statement of Cash Flowsthe Consolidated Statement of Changes in Equity, the company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 21 - 27. The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion:

the financial statements give a true and fair view of the state of the Group's and the parent company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;

the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the United Kingdom

the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Our evaluation of the directors' assessment of the Group's and the parent company's ability to continue to adopt the going concern basis of accounting included:

Conversations with management and review of formal and informal forecasts and budgets for the period of 12 months from the date of signing of the financial statements. The forecasts are deemed reasonable based on expected sales and margins remaining at current levels taking into account liabilities as they fall due.

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 or 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.

Page 7

 
CARE TREE INVEST LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE TREE INVEST LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon.  The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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





Page 8

 
CARE TREE INVEST LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE TREE INVEST LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. Compliance with CQC regulations and reviews are also key requirements on the Company and Group that may impact the Financial Statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
° Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger.
°Manipulation of amounts subject to significant judgment or estimate.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor's report.

Page 9

 
CARE TREE INVEST LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CARE TREE INVEST LTD (CONTINUED)


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.




 
 
Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

25 July 2025
Page 10

 
CARE TREE INVEST LTD
 
 
 
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Revenue
 4 
32,294,539
30,253,921

Cost of sales
  
(16,789,232)
(15,618,744)

Gross profit
  
15,505,307
14,635,177

  

Other operating income
 5 
702,787
551,250

Administrative expenses (including exceptional goodwill impairment charge of £697,452 in the current year and £550,000 in the prior year)
  
(13,305,481)
(9,719,545)

Profit from operations
  
2,902,613
5,466,882

  

Finance income
 10 
-
359

Finance expense
 10 
(2,785,875)
(5,600,799)

Other finance income
  
170,477
-

Profit/(loss) before tax
  
287,215
(133,558)

  

Tax expense
 11 
(761,505)
(160,987)

Loss for the year
  
(474,290)
(294,545)


Total comprehensive income
  
(474,290)
(294,545)

Loss for the year attributable to:
  

Owners of the parent
  
(474,290)
(294,545)

  
(474,290)
(294,545)



Total comprehensive income attributable to:
  

Owners of the parent
  
(474,290)
(294,545)

  
(474,290)
(294,545)

The notes on pages 21 to 43 form part of these financial statements.

Page 11

 
CARE TREE INVEST LTD
REGISTERED NUMBER: 11494352
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 12 
30,604,704
31,345,537

Intangible assets
 13 
72,583,188
73,280,641

  
103,187,892
104,626,178

Current assets
 16 

Contract assets
 16 
170,477
-

Trade and other receivables
 15 
1,706,578
2,053,263

Cash and cash equivalents
  
3,841,231
3,089,983

  
5,718,286
5,143,246

  

Total assets

  

108,906,178
109,769,424

Liabilities

Non-current liabilities
  

Loans and borrowings
 18 
43,236,624
44,809,309

Deferred tax liability
 11 
324,469
8,306

  
43,561,093
44,817,615

Current liabilities
  

Trade and other liabilities
 17 
24,843,263
24,284,024

Loans and borrowings
 18 
1,982,645
1,674,318

  
26,825,908
25,958,342

  

Total liabilities
  
70,387,001
70,775,957

  

  

Net assets
  
38,519,177
38,993,467
Page 12

 
CARE TREE INVEST LTD
REGISTERED NUMBER: 11494352
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Issued capital and reserves attributable to owners of the parent
  

Share capital
 19 
35,000,000
35,000,000

Retained earnings
  
3,519,177
3,993,467

  
38,519,177
38,993,467

  

TOTAL EQUITY
  
38,519,177
38,993,467

The financial statements on pages 1 to 43 were approved and authorised for issue by the board of directors and were signed on its behalf by:




................................................
A C De Changy
Director

Date: 18 June 2025

The notes on pages 21 to 43 form part of these financial statements.

Page 13

 
CARE TREE INVEST LTD
REGISTERED NUMBER: 11494352
 
 
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 12 
24,649,260
26,892,438

Other non-current investments
  
85,036,919
85,734,371

  
109,686,179
112,626,809

Current assets
 16 

Contract assets
 16 
170,477
-

Trade and other receivables
 15 
1,465,009
498,519

Cash and cash equivalents
  
1,043,450
313,988

  
2,678,936
812,507

  

Total assets

  

112,365,115
113,439,316

Liabilities

Non-current liabilities
  

Loans and borrowings
 18 
41,687,444
43,258,855

Deferred tax liability
 11 
78,050
-

  
41,765,494
43,258,855

Current liabilities
  

Trade and other liabilities
 17 
40,669,279
41,594,725

Loans and borrowings
 18 
1,981,391
1,673,103

  
42,650,670
43,267,828

  

Total liabilities
  
84,416,164
86,526,683

  

  

Net assets
  
27,948,951
26,912,633
Page 14

 
CARE TREE INVEST LTD
REGISTERED NUMBER: 11494352
 
 
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
2024
2023
Note
£
£


Issued capital and reserves attributable to owners of the parent
  

Share capital
 19 
35,000,000
35,000,000

Retained earnings
  
(7,051,049)
(8,087,367)

TOTAL EQUITY
  
27,948,951
26,912,633

The company's profit for the year was £1,036,318 (2023 - loss £179,017).

The financial statements on pages 1 to 43 were approved and authorised for issue by the board of directors and were signed on its behalf by:




................................................
A C De Changy
Director

Date: 18 June 2025

The notes on pages 21 to 43 form part of these financial statements.

Page 15

 
CARE TREE INVEST LTD

 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Share capital
Retained earnings
Total attributable to equity holders of parent
Total equity


£
£
£
£

At 1 January 2023
25,000,000
4,288,012
29,288,012
29,288,012

Comprehensive income for the year



Loss for the year
-
(294,545)
(294,545)
(294,545)

Total comprehensive income for the year
-
(294,545)
(294,545)
(294,545)

Issue of share capital
10,000,000
-
10,000,000
10,000,000

Total contributions by and distributions to owners
10,000,000
-
10,000,000
10,000,000

At 31 December 2023
35,000,000
3,993,467
38,993,467
38,993,467

At 1 January 2024
35,000,000
3,993,467
38,993,467
38,993,467

Comprehensive income for the year



Loss for the year
-
(474,290)
(474,290)
(474,290)

Total comprehensive income for the year
-
(474,290)
(474,290)
(474,290)

At 31 December 2024
35,000,000
3,519,177
38,519,177
38,519,177

The notes on pages 21 to 43 form part of these financial statements.

Page 16

 
CARE TREE INVEST LTD

 
 
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2023
25,000,000
(7,908,350)
17,091,650

Comprehensive income for the year



Loss for the year
-
(179,017)
(179,017)

Total comprehensive income for the year
-
(179,017)
(179,017)

Issue of share capital
10,000,000
-
10,000,000

Total contributions by and distributions to owners
10,000,000
-
10,000,000

At 31 December 2023
35,000,000
(8,087,367)
26,912,633

At 1 January 2024
35,000,000
(8,087,367)
26,912,633

Comprehensive income for the year



Loss for the year
-
1,036,318
1,036,318

Total comprehensive income for the year
-
1,036,318
1,036,318

At 31 December 2024
35,000,000
(7,051,049)
27,948,951

The notes on pages 21 to 43 form part of these financial statements.

Page 17

 
CARE TREE INVEST LTD

 
 
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(474,290)
(294,545)

Adjustments for
  

Depreciation of property, plant and equipment
 12 
1,781,687
1,372,007

Impairment of property, plant and equipment
 12 
590,333
-

Impairment losses on intangible assets
 13 
697,453
550,000

Finance income
 10 
-
(359)

Finance expense
 10 
2,785,875
5,600,799

Loss on sale of property, plant and equipment
  
330,941
63,632

Income tax expense
 11 
761,505
160,987

  
6,473,504
7,452,521

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
77,170
(240,151)

Increase in trade and other payables
  
265,116
18,069,825

Cash generated from operations
  
6,815,790
25,282,195

  

Income taxes paid
  
(52,181)
(667,007)

Net cash from operating activities

  
6,763,609
24,615,188

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
(3,162,128)
(2,501,643)

Proceeds from disposal of property, plant and equipment
  
1,200,000
175,852

Interest received
  
(2,785,875)
(5,600,799)

Other dividends received
  
-
359

Net cash used in investing activities

  
(4,748,003)
(7,926,231)

Cash flows from financing activities
  

Issue of ordinary shares
  
-
10,000,000

Repayment of bank borrowings
  
(1,264,358)
(30,217,823)

Payment of lease liabilities
  
-
(1,314)

Net cash used in financing activities
  
(1,264,358)
(20,219,137)

Net increase/(decrease) in cash and cash equivalents
  
751,248
(3,530,180)

  

Cash and cash equivalents at the beginning of year
  
3,089,983
6,620,163

Cash and cash equivalents at the end of the year
  
3,841,231
3,089,983

The notes on pages 21 to 43 form part of these financial statements.

Page 18

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


Basis of preparation

Care Tree Invest Ltd (the 'Company') is a private company, limited by shares, registered in England and Wales. The company's registered office is disclosed on the company information page. 
The principal activity of the group is the provision and operation of care facilities.
The presentational and functional currency of the financial statements is the Pound Sterling (£).

The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). The company's individual financial statements were prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101) and the Companies Act 2006. They were authorised for issue by the company's board of directors on 18 June 2025.

Details of the Group's accounting policies, including changes during the year, are included in note 2.

The company has taken advantage of the exemption available under section 408 of the Companies Act 2006 and elected not to present its own Statement of Comprehensive Income in these financial statements.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Group accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the consolidated financial statements and their effects are disclosed in note 3.


1.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for certain items that are held at fair value and valued at market rate each period.






1.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 January 2024

 The following amendments are effective for the period beginning 1 January 2024:
• Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
• Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements);
• Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
• Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures).

ii) 

New standards, interpretations and amendments not yet effective

The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the company's future financial statements:

Page 19

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Basis of preparation (continued)


ii) New standards, interpretations and amendments not yet effective (continued)


The following amendment is effective for the period beginning 1 January 2025:
• Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)

The following amendments are effective for the period beginning 1 January 2027:
• IFRS 18 Presentation and Disclosures in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures

The directors anticipate that the adoption of other Standards and interpretations that are not yet effective in future periods will only have an impact on the presentation in the financial statements of the company.

Page 20

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies

 
2.1

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and entities (including structured entities) controlled by the company and its subsidiaries. Control is achieved when the company:
has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.

The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company's voting rights in an investee are sufficient to give it power, including:
the size of the company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the company, other vote holders or other parties;
rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders' meetings.

Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the company gains control until the date when the company ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Page 21

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.1
Basis of consolidation (continued)


Changes in the Group's ownership interests in existing subsidiaries

Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the company.

When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and its calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent account under IAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

 
2.2

Goodwill

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of the Group's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.

A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

 
2.3

Revenue

Revenue represents the amounts derived from the provision of the group's principal activity of the operation of care home facilities for the disabled and infirmed in the U.K.
Revenue is recognised in the financial statements on the basis of room occupation on a daily basis.
Revenue is billed on a weekly and monthly basis and standard credit terms of 1 month from the date of billing are applied to all customers.

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

Page 22

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Government grants

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised as deferred revenue in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable.

The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

 
2.5

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.


Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

 
2.6

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

Freehold property
2% on cost
Long-term leasehold property
2% on cost
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on reducing balance
Improvements to property
20% on cost

Page 23

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.


Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost:

the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVOCI):

the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and

the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL).

Despite the aforegoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:

the Group may irrevocably elect to present subsequent changes in fair value of an equity instrument in other comprehensive income if certain criteria are met; and

the Group may irrevocably designate a debt investment that meets the amortised cost or FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see  Financial assets at FVTPL).

Page 24

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Financial assets (continued)


Financial assets at FVTPL

Financial assets that do not meet the criteria for being measured at amortised cost or FVOCI are measured at FVTPL. Specifically:

investments in equity instruments are classified as at FVTPL, unless the Group designates an equity instrument that is neither held for trading nor a contingent consideration arising from a business combination as at FVOCI on initial recognition.

debt instruments that do not meet the amortised cost criteria or the FVOCI criteria are classified as at FVTPL. In addition, debt instruments that meet either the amortised cost criteria or the FVOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see note ). The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the 'fair value gains/losses' line item. Fair value is determined in the manner described in note 21.


Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised costs or at FVOCI, lease receivables, amounts due from customers under contracts, as well as on loan commitments and financial guarantee contracts. No impairment loss is recognised for investments in equity instruments. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Group always recognises lifetime ECL for trade receivables, amounts due from customers under contracts and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12m ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

Page 25

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognised at the proceeds received, net of direct issue costs.

Repurchase of the company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the company's own equity instruments.


(iii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Group, and commitments issued by the Group to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading, or (iii) it is designated as at FVTPL.

A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term;
on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or
it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.

A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if:
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group's documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see note ). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the ‘fair value gains/losses' line item.
Page 26

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial liabilities and equity instruments (continued)


(iii) Financial liabilities (continued)


However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of the liability is recognised in profit or loss. Changes in fair value attributable to a financial liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

Gains or losses on financial guarantee contracts and loan commitments issued by the Group that are designated by the Group as at FVTPL are recognised in profit or loss.

Fair value is determined in the manner described in note 21.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.


3.


Critical accounting judgements and key sources of estimation uncertainty

Management make estimates and assumptions concerning the future. The resulting accounting estimates and judgements by definition, seldom equal the related actual results.
In the course of preparing financial statements, management have made significant judgements and estimates that can have an impact on the financial statements. The most critical of these relate to estimation of the useful economic lives of and impairment of assets.
In particular management have considered the impact of IFRS16 Leases regarding motor vehicles and property.
For Motor Vehicles, management are of the opinion that monthly rentals be charged to the statement of
comprehensive income as they are due and have not recognised a "right to use" asset on the basis any adjustment
for this financial period and prior periods would be immaterial.
For Properties, management are of the opinion that where the parent entity and owner of the property is directing
the use of the asset as a care facility, then no "right to use" asset exists, as such, there is no lease to recognise
under IFRS16.
On a group level, the estimation around valuation of goodwill is reviewed on an annual basis, and if indicators exist an impairment is made to the figure. 
On a company level, the estimation around valuation of investments in subsidiaries is reviewed on a regular basis, and if indicators exist an impairment is made to the figure. 

Page 27

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Revenue


The following is an analysis of the Group's revenue for the year from continuing operations:


2024
2023
£
£


Care home services
32,294,539
30,253,921

32,294,539
30,253,921

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£


Other operating income
702,787
551,250

702,787
551,250

This income relates to an insurance claim.


6.


Operating profit

The operating profit is stated after charging:


2024
2023
£
£


Depreciation
1,781,077
1,372,009

Profit/loss on sale of tangible assets
330,941
63,632


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Group's auditor:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
3,925
3,650

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 28

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employee benefit expenses

Group


As restated
2024
2023
£
£

Employee benefit expenses (including directors) comprise:

Wages and salaries
16,998,654
15,481,658

National insurance
1,535,960
1,330,773

Defined contribution pension cost
404,230
322,102

18,938,844
17,134,533

The prior year figures have been restated due to agency wages being previously included in this figure. These have been reclassified to subcontract labour. This has no effect on profit or cost of sales.


The monthly average number of persons, including the directors, employed by the Group during the year was as follows:


2024
2023
No.
No.

Employees
655
611

Directors
4
4

659
615


9.


Key management personnel compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the CEO and the CFO, who are also statutory directors of the subsidiary companies.


2024
2023
£
£


Salary
598,871
774,929

Defined contribution scheme costs
93,770
32,129

692,641
807,058

During the year retirement benefits were accruing to 2 directors (2023 - 5) in respect of defined contribution pension schemes. 
The highest paid director received remuneration of £220,000 (2023 - £200,000).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,504 (2023 - £25,770). 


Page 29

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Finance income and expense

Recognised in profit or loss


2024
2023
£
£



Other interest receivable
-
359

Total finance income

-
359

Finance expense

Bank interest payable
2,785,875
5,600,799

Total finance expense
2,785,875
5,600,799


Net finance expense recognised in profit or loss
(2,785,875)
(5,600,440)






Page 30

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tax expense

11.1 Income tax recognised in profit or loss



2024
2023
£
£

Current tax

Current tax on profits for the year
394,241
30,390

Adjustments in respect of prior years
51,101
123,404

Total current tax
445,342
153,794


Deferred tax expense

Origination and reversal of timing differences
290,805
7,193

Adjustments in respect of prior years
25,358
-

Total deferred tax
316,163
7,193


761,505
160,987


Total tax expense

Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
761,505
160,987

761,505
160,987

Page 31

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.Tax expense (continued)


11.1 Income tax recognised in profit or loss (continued)

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:


2024
2023
£
£


Loss for the year
(474,290)
(294,545)

Income tax expense (including income tax on associate, joint venture and discontinued operations)
761,505
160,987

Profit/(loss) before income taxes
287,215
(133,558)


Tax using the company's domestic tax rate of 25% (2023:23.52%)
71,804
(31,413)

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
206,427
1,551,128

Capital allowances for the year in excess of depreciation
219,225
-

Adjustments to deferred tax charge in respect of prior periods
261,772
-

Adjustments to tax charge in respect of prior periods
20,711
123,404

Movement in deferred tax not recognised
(27,748)
-

Non-taxable income
(174,363)
(1,389,009)

Unrelieved tax losses carried forward
-
141

Orgination and reversal of timing differences to deferred tax
-
7,193

Other differences leading to an increase/(decrease) in the tax charge
180,732
-

Group relief
2,945
(100,457)

Total tax expense
761,505
160,987

11.2 Deferred tax balances

The following is the analysis of deferred tax assets/(liabilities) presented in the consolidated statement of financial position:


2024
2023
£
£


Deferred tax liabilities
(324,469)
(8,306)

(324,469)
(8,306)

Page 32

CARE TREE INVEST LTD


 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Property, plant and equipment


Group





Freehold property
Long-term leasehold property
Improvements to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£
£



Cost or valuation










At 1 January 2023
11,754,448
19,237,038
4,347,644
38,514
257,508
431,697
1,392
36,068,241


Additions
219,360
-
1,638,059
-
35,761
608,463
-
2,501,643


Disposals
(247,200)
-
-
-
(6,585)
-
-
(253,785)



At 31 December 2023
11,726,608
19,237,038
5,985,703
38,514
286,684
1,040,160
1,392
38,316,099


Additions
444,238
-
2,263,320
-
7,961
446,609
-
3,162,128


Disposals
(1,570,054)
-
(1,008,220)
-
-
-
-
(2,578,274)


Revaluations
(590,333)
-
-
-
-
-
-
(590,333)



At 31 December 2024
10,010,459
19,237,038
7,240,803
38,514
294,645
1,486,769
1,392
38,309,620

Page 33


CARE TREE INVEST LTD


 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.Property, plant and equipment (continued)


Freehold property
Long-term leasehold property
Improvements to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£
£



Accumulated depreciation and impairment










At 1 January 2023
400,627
1,667,205
3,322,053
33,864
136,176
51,539
1,392
5,612,856


Charge owned for the year
233,575
384,741
563,775
1,208
38,006
150,702
-
1,372,007


Disposals
(8,540)
-
-
-
(5,761)
-
-
(14,301)



At 31 December 2023
625,662
2,051,946
3,885,828
35,072
168,421
202,241
1,392
6,970,562


Charge owned for the year
218,832
384,741
877,065
906
30,893
269,250
-
1,781,687


Disposals
(109,904)
-
(937,429)
-
-
-
-
(1,047,333)



At 31 December 2024
734,590
2,436,687
3,825,464
35,978
199,314
471,491
1,392
7,704,916



Net book value


At 1 January 2023
11,353,821
17,569,833
1,025,591
4,650
121,332
380,158
-
30,455,385


At 31 December 2023
11,100,946
17,185,092
2,099,875
3,442
118,263
837,919
-
31,345,537


At 31 December 2024
9,275,869
16,800,351
3,415,339
2,536
95,331
1,015,278
-
30,604,704

Page 34
 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Company





Freehold property
Long-term leasehold property
Total

£
£
£



Cost or valuation





At 1 January 2023
11,754,448
17,677,038
29,431,486


Additions
219,360
-
219,360


Disposals
(247,200)
-
(247,200)



At 31 December 2023
11,726,608
17,677,038
29,403,646


Additions
379,678
-
379,678


Disposals
(1,570,054)
-
(1,570,054)


Revaluations
(590,333)
-
(590,333)



At 31 December 2024
9,945,899
17,677,038
27,622,937


Freehold property
Long-term leasehold property
Total

£
£
£



Accumulated depreciation and impairment





At 1 January 2023
400,627
1,532,005
1,932,632


Charge owned for the year
233,575
353,541
587,116


Disposals
(8,540)
-
(8,540)



At 31 December 2023
625,662
1,885,546
2,511,208


Charge owned for the year
218,832
353,541
572,373


Disposals
(109,904)
-
(109,904)



At 31 December 2024
734,590
2,239,087
2,973,677



Net book value


At 1 January 2023
11,353,821
16,145,033
27,498,854


At 31 December 2023
11,100,946
15,791,492
26,892,438


At 31 December 2024
9,211,309
15,437,951
24,649,260

Page 35

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group





Goodwill

£



Cost



At 1 January 2023
73,830,641



At 31 December 2023
73,830,641



At 31 December 2024
73,830,641


Goodwill

£



Accumulated amortisation and impairment



Impairment charge
550,000



At 31 December 2023
550,000


Impairment charge
697,453


At 31 December 2024
1,247,453



Net book value


At 1 January 2023
73,830,641


At 31 December 2023
73,280,641


At 31 December 2024
72,583,188

Goodwill is allocated to the Group's single cash generating unit related to the main trade of Care Home operations.

Page 36

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Subsidiaries

Details of the Group's material subsidiaries at the end of the reporting period are as follows:

Name of subsidiary
Proportion of ownership interest and voting power held by the Group (%)

2024
2023





1Milewood (Holdings) Ltd


100

100

2Care Network Solutions Limited


100

100

3Milewood Healthcare Ltd


100

100

4Amber Care (East Anglia) Ltd


100

100

5Walton Lodge Limited


100

100

6MGB Care Services Limited


100

100


All subsidiaries are incorporated and domiciled in England and Wales. All of the subsidiaries have a registered office address at 1st Floor, 1 Lakeside, Headlands Business Park, Salisbury Road, Blashford Ringwood, BH24 3PB
Investments in subsidiaries of £85,036,919 (2023: £85,734,371) are held under 'Other non-current investments' in the Company's Statement of Financial Position.


Company

2024
2023
Note
£
£

Investments in subsidiary companies
 14 
85,036,919
85,734,371

  
85,036,919
85,734,371

Investments in subsidiary companies



Cost

At 1 January 2024
85,734,371


85,734,371


Accumulated impairment

Charge for the year
697,452


697,452

Net book value

At 1 January 2024
85,734,371

At 31 December 2024
85,036,919

Page 37

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Trade and other receivables



Group

2024
2023
£
£


Trade receivables
1,115,039
1,299,594

Trade receivables - net
1,115,039
1,299,594

Receivables from related parties
40,941
190,940

Total financial assets other than cash and cash equivalents classified as loans and receivables
1,155,980
1,490,534

Prepayments and accrued income
370,673
59,989

Other receivables
179,925
502,740

Total trade and other receivables
1,706,578
2,053,263

Total current portion
(1,706,578)
(2,053,263)


Company

2024
2023
£
£


Receivables from related parties
1,343,374
469,947

Total financial assets other than cash and cash equivalents classified as loans and receivables
1,343,374
469,947

Prepayments and accrued income
121,635
28,572

Total trade and other receivables
1,465,009
498,519

Total current portion
(1,465,009)
(498,519)

Balances with group undertakings are on demand and carry no interest or repayment terms.


16.

Contract assets


Group

Describe the effect on contract asset balances which factors relating to the timing of satisfaction of the Group's performance obligations and their relationship with the typical timing of payment have had.


Company

Describe the effect on contract asset balances which factors relating to the timing of satisfaction of the company's performance obligations and their relationship with the typical timing of payment have had.

Page 38

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Trade and other payables



Group

2024
2023
£
£


Trade payables
1,078,261
851,525

Payables to related parties
21,630,370
21,630,372

Other payables
650,452
568,239

Accruals
497,543
781,380

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
23,856,626
23,831,516

Other payables - tax and social security payments
758,378
452,508

Deferred income
228,259
-

Total trade and other payables
24,843,263
24,284,024

Less: current portion - trade payables
(1,078,261)
(851,525)

Less: current portion - payables to related parties
(21,630,370)
(21,630,372)

Less: current portion - other payables
(1,408,830)
(1,020,747)

Less: current portion - accruals
(497,543)
(781,380)

Less: current portion - deferred income
(228,259)
-

Total current portion
(24,843,263)
(24,284,024)

Total non-current position
-
-

Page 39

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Company

2024
2023
£
£


Trade payables
15,597
16,032

Payables to related parties
40,362,424
40,983,741

Accruals
12,326
564,562

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
40,390,347
41,564,335

Other payables - tax and social security payments
278,932
30,390

Total trade and other payables
40,669,279
41,594,725

Less: current portion - trade payables
(15,597)
(16,032)

Less: current portion - payables to related parties
(40,362,424)
(40,983,741)

Less: current portion - other payables
(278,932)
(30,390)

Less: current portion - accruals
(12,326)
(564,562)

Total current portion
(40,669,279)
(41,594,725)

Total non-current position
-
-

Balances with group undertakings are on demand and carry no interest or repayment terms.


18.


Loans and borrowings


Group

2024
2023
£
£

Non-current

Bank loans - secured
43,236,624
44,809,309

43,236,624
44,809,309

Current

Bank loans - secured
1,982,645
1,674,318

1,982,645
1,674,318

Total loans and borrowings
45,219,269
46,483,627

Page 40

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Company

2024
2023
£
£

Non-current

Bank loans - secured
41,687,444
43,258,855

41,687,444
43,258,855

Current

Bank loans - secured
1,981,391
1,673,103

1,981,391
1,673,103

Total loans and borrowings
43,668,835
44,931,958

The bank loan is repayable in quarterly instalments of £425,000 up to 31 December 2025, £510,000 on 31 March 2026, £646,000 on 30 June 2026 and then £680,000 from 30 September 2026. 
Interest is charged quarterly at the percentage rate per annum which is calculated as the aggregate of the margin (2.6%) and the compounded reference rate. The compounded reference rate is derived from compounding SONIA over a single day.
The other loan is repayable in quarterly instalments of £94,273. Interest is charged quarterly at the effective interest rate of 3.16% per annum. The loan is due for repayment in full on 3 September 2143.

19.


Share capital

Authorised

2024
2024
2023
2023
Number
£
Number
£

Shares treated as equity
Ordinary shares of £2,500.00 each

14,000

35,000,000

14,000
 
35,000,000
 
14,000

35,000,000

14,000
 
35,000,000
 

Issued and fully paid


2024
2024
2023
2023
Number
£
Number
£

Ordinary shares of £2,500.00 each

At 1 January and 31 December
14,000

35,000,000

14,000
 
35,000,000
 

The company has one class of ordinary shares, which carry no right to fixed income. 
All shares carry the same voting and dividend rights.


20.


Reserves

Page 41

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Financial instruments - fair values and risk management


21.1 Price risk management

Price risk is the associated risk that revenue contracts may not be profitable for the business. The company’s revenue is based mainly on the services provided to local authorities, NHS and CCG. Annual increases of inflation and National Minimum Wage (NMW) can directly impact profitability if not met by corresponding revenue increases. It is expected that a regular increases in the NMW rate will significantly impact the wage cost in the care sector, however annual increases received from local authorities are not always in line with these cost increases. In order to mitigate this risk the directors implement strict cost controls to keep the business profitable despite these factors.


21.2 Interest rate risk management

The Group is exposed to interest rate risk because the entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.


21.3 Credit risk management

Credit risk is the risk that customers may default on payments due to the Company. The majority of income is driven from Local authorities and the NHS, with only a small number of service users being privately funded. There is a minimal credit risk as the Company does not place significant reliance on these users, as such the directors do not deem this to be a significant risk.


22.


Related party transactions

Balances and transactions between the company and its subsidiaries, which are related parties of the company, have been eliminated on consolidation and are not disclosed in this note. 


23.


Controlling party

The company's immediate parent undertaking is Care Tree MidCo Limited.
The company's ultimate parent undertaking is Care Tree Holding Ltd, a company incorporated in England and Wales and whose registered office is 1st Floor, 1 Lakeside Headlands Business Park, Salisbury Road, Blashford Ringwood, United Kingdom, BH23 3PB. Copies of group financial statements may be obtained from the Registrar of Companies for England & Wales.

Page 42

 
CARE TREE INVEST LTD
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.

Events after the reporting date


Group

After the reporting date, the Group approved a plan to transfer all of the trade and operations of Care Tree Invest 2 Ltd to Care Tree Invest Ltd. This includes the transfer of all trade and operations of all subsidiaries under Care Tree Invest 2 to a fellow subsidiary of Care Tree Invest Ltd, Walton Lodge Limited. The planned transfer is expected to take place during the year ending 31 December 2025.
Borrowings held in Care Tree Invest 2 Ltd were repaid in full in March 2025 as part of the plan to restructure the group. This was refinanced into Care Tree Invest Limited in March 2025. The loan taken out was for £5,500,000.
Company
In March 2025, a bungalow was purchased for £192,250.
In April 2025, 2 bungalows were purchased for £190,000 and £194,000 respectively.
In April 2025, one of the properties held within Care Tree Invest Limited, Avon Lodge, was sold for £1,200,000.
In May 2025, a detached house, Neville Lodge, was purchased for £890,000.
On 17 April 2025, Care Tree Invest Ltd acquired MC Independent Care Initiatives Limited for a share purchase price of £200,000. They also purchased the property at Albion Terrace for £500,000.

Page 43