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Registered number: 14247664 CONNECTED CARE HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
CONNECTED CARE HOLDINGS LIMITED COMPANY INFORMATION
Directors | Jonathan Papworth
| Christopher Woolley
| Matthew Joseph Rourke
| Johan Jardevall
| Nicholas Holgate (appointed 11 February 2025)
Registered number | 14247664
Registered office | Saxon House
| 3 Onslow Street
| Guildford
| GU1 4SY
Independent auditor | MHA
| Statutory Auditors
| London
| United Kingdom
Accountants | MHA
| 6th Floor
| 2 London Wall Place
| London
| EC2Y 5AU
Bankers | NatWest
| 169 Victoria Street
| London
| SW1E 5NA
CONNECTED CARE HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Balance Sheet | 11 - 12
Company Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Consolidated Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 42
CONNECTED CARE HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025
Introduction
The directors present their strategic report for the Company and Group for the year ended 31 May 2025. Connected Care Group Holdings Limited represents the holding company for the Connected Care Group, which principally trades through its Person Centred Software (“PCS”) brand. The Group is a leading provider of care management software, primarily to the elderly residential care industry through an integrated suite of solutions spanning digital care planning, electronic medical administration records, wellness and activities, secure staffing, training, analytics and resident engagement. Through this suite of services, which are all accessed from a single sign-on device, the Group plays a critical role in the delivery of care and care-related functions in care homes. The Group’s mission is to support our clients in improving the quality of care that they can provide to their residents, whilst supporting care workers and nurses to spend more time on what they do best: caring. The Group’s revenue is c.95% Annually Recurring Revenue (“ARR”) from software licences. The remainder is generated from the sale of devices and software implementation.
Review of Business
Financial Performance and Position The Group completed the financial period generating turnover of £28.4m (FY24: £22.3m) and a reported operating loss of £8.3m (FY24: loss of £8.4m), the profit position being impacted by the non-cash goodwill amortisation charge. The balance sheet shows the Group’s financial position at the year end, with reported net assets of £68.4m (May ’24: £78.1m). The Group had available cash of £1.1m (May ’24: £2.3m).
FY25 Perfomance and Key Performance Indicators
In FY25, the Group recorded organic ARR growth at 22%. At the end of the financial year, the Group’s contracted ARR was £33.7m (FY24: £27.6m) and Pro Forma EBITDA was £12.9m (FY24: £11.2m). In addition to these headline numbers, Key Performance Indicators (“KPI”s) are set each year for the Group and each of the operating divisions. Performance is reviewed on a regular basis at monthly Board and management meetings. These indicators include the standard metrics analysed in SaaS software businesses, such as new logo wins, churn, Gross and Net Revenue Retention etc. At a Board level we also monitor the key metrics relevant to our people, for example ensuring that our staff are taking full advantage of all training and development opportunities available to them.
FY25 Acquisitions
Unlike FY24 when the Group made four acquisitions, no further M&A activity was undertaken in FY25. However, the Group will always consider further acquisitions, especially when it involves novel technology that compliments, integrates into, and can be sold alongside the Group’s existing care planning software. Page 1
CONNECTED CARE HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Principal risks and uncertainties
The Directors believe that the Group’s business does not expose it to risks beyond those associated with normal commercial enterprise. The risks that are considered in this section should not be viewed as exhaustive, nor are those detailed ordered in any form of priority. The Group is exposed to data security risk, market and competitor behaviour risk and credit risk, which could impact the valuation of its investments, goodwill or other intangible assets as well as its trading performance. The Group monitors the risks it believes it faces on an ongoing basis with a view to managing and mitigating these. These include:
Data Security Risks
The Group is a data processor on behalf of its clients and as such receives and processes potentially sensitive personal data as it helps its clients improve the care outcomes of individuals within their care. The group has an appointed data security officer who is responsible for maintaining the security of the software and ensuring within the organisation our team is constantly reminded of their own obligations to ensure all corporate and personal information is protected. We have regular training sessions on this subject for all of our employees. Cyber Essentials Plus is utilised to ensure Person Centred Software has appropriate cyber security measures in place. Cyber Essentials Plus means an independent Certification Body has verified the measures in place. Person Centred Software is also NHS DSP-T certified - verifying we use the NHS's Data Security and Protection Toolkit (DSPT). This ensures we handle personal patient information correctly and demonstrates that good data security measures are in place. In addition the Group operates and is regularly audited within the globally recognised ISO 27001 framework.
Market and Competitor Behaviour Risk
The social care industry is undergoing a process of rapid digitalisation, which is drawing a number of new entrants into the market (both start-ups and more established players from adjacent markets) alongside the existing market players. We are obsessively focused on the needs of our clients and through this constant dialogue and our focus on the market we are able to understand what they need from our products and where others have attempted to provide solutions that compete or potentially improve upon our own. We believe this focus will allow us to maintain our quality gap over the competition as reflected in our market-leading Net Promoter Scores (“NPS”).
Credit risk
The Group has borrowings with HSBC Innovation (formerly Silicon Valley Bank), which totalled £18.6m at the end of the financial year. These borrowings are subject to covenant tests on a quarterly basis. On all covenant tests we have reported substantial headroom, which continues to grow in all of our forward-looking tests.
Liquidity risk
The Directors are of the view that there is sufficient operational liquidity in the business for the next twelve months. Page 2
CONNECTED CARE HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Future Outlook
At the beginning of each financial year, the Board and Management team set business plans and targets for the forthcoming twelve months and the period beyond. Inter alia, these plans include organic and inorganic growth plans as well as the product development launches that are assumed to enhance the functionality of our product; all with the objective of improving care outcomes and the user experience of the Group’s software. This report was approved by the board and signed on its behalf.
Nicholas Holgate Director
Date: 16 September 2025
Page 3
CONNECTED CARE HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The Directors present their report and the financial statements for the year ended 31 May 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
Principal activity
The principal activity of the company was that of a holding company. The principal activity of the group was the development of software for the social care industry in the UK and Australia.
Results and dividends
The loss for the year, after taxation, amounted to £9,827,482 (2024 - loss £10,163,431). During the year, dividends totalling £Nil (2024 - £Nil) were paid.
Directors
The Directors who served during the year were:
Jonathan Papworth
Christopher Woolley
Matthew Joseph Rourke
Johan Jardevall
Nicholas Holgate (appointed 11 February 2025)
Page 4
CONNECTED CARE HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Qualifying third party indemnity provisions
Directors' liability and indemnity insurance was in force throughout the period to cover the directors and officers of the company against action brought against them in their personal capacity. Neither the insurance not the indemnity provide cover where the individual has acted fraudulently or dishonestly.
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.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Nicholas Holgate Director
Date: 16 September 2025
Page 5
CONNECTED CARE HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECTED CARE HOLDINGS LIMITED
Opinion
We have audited the financial statements of Connected Care Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 May 2025 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 Auditor's 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 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. 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 6
CONNECTED CARE HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECTED CARE HOLDINGS LIMITED (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 Report. 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. 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. Page 7
CONNECTED CARE HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECTED CARE HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out 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.
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 Group 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: • Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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 8
CONNECTED CARE HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECTED CARE HOLDINGS LIMITED (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. Georgette Alicia Crisp BSC (Hons) FCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditors London United Kingdom 17 September 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 9
CONNECTED CARE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 28,359,457 | 22,276,438
Cost of sales |  | (5,371,655) | (5,565,691)
Gross profit |  | 22,987,802 | 16,710,747
Administrative expenses |  | (31,240,081) | (25,143,307)
Operating loss | 5 | (8,252,279) | (8,432,560)
Interest receivable and similar income | 9 | 63,836 | 59,437
Interest payable and similar expenses | 10 | (1,696,310) | (1,732,582)
Loss before taxation |  | (9,884,753) | (10,105,705)
Tax on loss | 11 | 57,271 | (57,726)
Loss for the financial year |  | (9,827,482) | (10,163,431)
Foreign exchanges (losses)/gains |  | (343) | (9,044)
Other comprehensive income for the year |  | (343) | (9,044)
Total comprehensive income for the year |  | (9,827,825) | (10,172,475)
(Loss) for the year attributable to: |  |  |
Owners of the parent Company |  | (9,827,482) | (10,163,431)
|  | (9,827,482) | (10,163,431)
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | (9,827,825) | (10,172,475)
|  | (9,827,825) | (10,172,475)
The notes on pages 19 to 42 form part of these financial statements.
Page 10
CONNECTED CARE HOLDINGS LIMITED REGISTERED NUMBER: 14247664 CONSOLIDATED BALANCE SHEET AS AT 31 MAY 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 82,124,477 |  | 92,900,948
Tangible assets | 14 |  | 3,367,391 |  | 2,875,985
Investments | 15 |  | 350,050 |  | 350,050
|  |  | 85,841,918 |  | 96,126,983
Current assets |  |  |  |  |
Stocks | 16 | 318,793 |  | 164,851 |
Debtors | 17 | 7,570,460 |  | 6,315,332 |
Cash at bank and in hand | 18 | 1,107,443 |  | 2,310,382 |
|  | 8,996,696 |  | 8,790,565 |
Creditors: amounts falling due within one year | 19 | (7,303,455) |  | (7,038,071) |
Net current assets |  |  | 1,693,241 |  | 1,752,494
Total assets less current liabilities |  |  | 87,535,159 |  | 97,879,477
Creditors: amounts falling due after more than one year | 20 |  | (18,759,061) |  | (19,321,908)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (402,048) |  | (455,144) |
|  |  | (402,048) |  | (455,144)
Net assets |  |  | 68,374,050 |  | 78,102,425
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 113,973 |  | 112,868
Share premium account | 25 |  | 95,101,241 |  | 95,002,896
Foreign exchange reserve | 25 |  | 6,299 |  | 6,642
Profit and loss account | 25 |  | (26,847,463) |  | (17,019,981)
|  |  | 68,374,050 |  | 78,102,425
Page 11
CONNECTED CARE HOLDINGS LIMITED REGISTERED NUMBER: 14247664 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Nicholas Holgate
Director
Date: 16 September 2025
The notes on pages 19 to 42 form part of these financial statements. Page 12
CONNECTED CARE HOLDINGS LIMITED REGISTERED NUMBER: 14247664 COMPANY BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 1 |  | 1
|  |  | 1 |  | 1
Current assets |  |  |  |  |
Debtors | 17 | 105,034,265 |  | 101,385,656 |
|  | 105,034,265 |  | 101,385,656 |
Creditors: amounts falling due within one year | 19 | (48,401) |  | - |
Net current assets |  |  | 104,985,864 |  | 101,385,656
Total assets less current liabilities |  |  | 104,985,865 |  | 101,385,657
Net assets |  |  | 104,985,865 |  | 101,385,657
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 113,973 |  | 112,868
Share premium account | 25 |  | 95,101,241 |  | 95,002,896
Profit and loss account | 25 |  | 9,770,651 |  | 6,269,893
|  |  | 104,985,865 |  | 101,385,657
The profit of the company in the year was £3,500,758 (2024 - £3,600,803). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Nicholas Holgate
Director
Date: 16 September 2025
The notes on pages 19 to 42 form part of these financial statements. Page 13
CONNECTED CARE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 June 2023 | 103,944 | 82,901,004 | 15,686 | (6,856,550) | 76,164,084
Comprehensive income for the year |  |  |  |  |
Loss for the year (as restated) | - | - | - | (10,163,431) | (10,163,431)
Foreign exchange movement | - | - | (9,044) | - | (9,044)
Other comprehensive income for the year | - | - | (9,044) | - | (9,044)
Total comprehensive income for the year | - | - | (9,044) | (10,163,431) | (10,172,475)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 8,924 | 12,101,892 | - | - | 12,110,816
Total transactions with owners | 8,924 | 12,101,892 | - | - | 12,110,816
At 1 June 2024 (as restated) | 112,868 | 95,002,896 | 6,642 | (17,019,981) | 78,102,425
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (9,827,482) | (9,827,482)
Foreign exchange movement | - | - | (343) | - | (343)
Other comprehensive income for the year | - | - | (343) | - | (343)
Total comprehensive income for the year | - | - | (343) | (9,827,482) | (9,827,825)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 1,105 | 98,345 | - | - | 99,450
Total transactions with owners | 1,105 | 98,345 | - | - | 99,450
At 31 May 2025 | 113,973 | 95,101,241 | 6,299 | (26,847,463) | 68,374,050
| The notes on pages 19 to 42 form part of these financial statements.
Page 14
CONNECTED CARE HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 June 2023 | 103,944 | 82,901,004 | 2,669,090 | 85,674,038
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,600,803 | 3,600,803
Total comprehensive income for the year | - | - | 3,600,803 | 3,600,803
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 8,924 | 12,101,892 | - | 12,110,816
At 1 June 2024 | 112,868 | 95,002,896 | 6,269,893 | 101,385,657
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,500,758 | 3,500,758
Total comprehensive income for the year | - | - | 3,500,758 | 3,500,758
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 1,105 | 98,345 | - | 99,450
At 31 May 2025 | 113,973 | 95,101,241 | 9,770,651 | 104,985,865
| The notes on pages 19 to 42 form part of these financial statements.
Page 15
CONNECTED CARE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (9,827,482) | (10,163,431)
Adjustments for: |  |
Amortisation of intangible assets | 11,031,156 | 10,181,708
Depreciation of tangible assets | 1,091,129 | 867,669
Loss on disposal of tangible assets | (9,220) | -
Interest paid | 1,696,310 | 1,732,582
Interest received | (63,836) | (59,437)
Taxation charge | (57,271) | 57,726
(Increase)/decrease in stocks | (153,942) | 110,499
(Increase)/decrease in debtors | (1,248,756) | 379,277
(Decrease)/increase in creditors | (1,346,763) | 331,445
Increase/(decrease) in provisions | - | (187,000)
Corporation tax (paid)/received | (32,078) | 143,452
Foreign exchange | (343) | (9,044)
Net cash generated from operating activities | 1,078,904 | 3,385,446
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (254,685) | (7,329,071)
Purchase of tangible fixed assets | (1,746,064) | (2,402,477)
Sale of tangible fixed assets | 172,749 | -
Purchase of fixed asset investments | - | (2,888,791)
Interest received | 63,836 | 59,437
HP interest paid | - | (1,596)
Net cash from investing activities | (1,764,164) | (12,562,498)
Cash flows from financing activities |  |
Issue of ordinary shares | 99,450 | 12,110,816
New secured loans | 1,299,255 | -
Repayment of loans | - | (120,534)
Other new loans | - | 50,767
Repayment of other loans | (13,154) | -
Repayment of/new finance leases | (198,061) | 198,061
Interest paid | (1,696,310) | (1,730,986)
Net cash used in financing activities | (508,820) | 10,508,124
Page 16
CONNECTED CARE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
|  | 2025 | 2024
|  | £ | £
Net (decrease)/increase in cash and cash equivalents | (1,194,080) | 1,331,072
Cash and cash equivalents at beginning of year | 2,301,523 | 970,451
Cash and cash equivalents at the end of year | 1,107,443 | 2,301,523
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,107,443 | 2,310,382
Bank overdrafts | - | (8,859)
| 1,107,443 | 2,301,523
The notes on pages 19 to 42 form part of these financial statements.
Page 17
CONNECTED CARE HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MAY 2025
| At 1 June 2024 | Cash flows | At 31 May 2025
| £ | £ | £
Cash at bank and in hand | 2,310,382 | (1,202,939) | 1,107,443
Bank overdrafts | (8,859) | 8,859 | -
Debt due after 1 year | (17,067,500) | (1,237,500) | (18,305,000)
Debt due within 1 year | (319,916) | (8,918) | (328,834)
Finance leases | (198,061) | 198,061 | -
| (15,283,954) | (2,242,437) | (17,526,391)
The notes on pages 19 to 42 form part of these financial statements.
Page 18
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
The entity is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The registered office of the company is Saxon House, Guildford, Surrey, England, GU1 4SY. The principal activity of the Group is the development of business and domestic software. The financial statements include a prior year adjustment in respect of the figures at 31 May 2024. The figures for 31 May 2024 have therefore been restated, see note 26. The financial statements are presented in pounds sterling, the functional currency, rounded to the nearest £1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 19
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Group generated a loss for the period of £9,827,482 (2024: £10,163,431), the principal driver of which is the non-cash goodwill amortisation charge of £10,904,023 (2024: £9,969,365). Based on future cash flows on ongoing contracts and having regard to resources available to the business, the Directors have concluded that there is no material uncertainty with regards to the entity's ability to continue as a going concern. The financial statements have been prepared on a going concern basis as the Directors have indicated their willingness to support the company for at least 12 months from the date of approval of the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 20
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 21
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 22
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.13 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of ten years. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Patents, rebranding and computer software are amortised over their useful life of three years. Page 23
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% |
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Office equipment | - | 25% |
|  |  |  | Computer equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy. Page 24
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.18 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.19 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.21 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.22 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with 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. Page 25
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.22 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a Page 26
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.22 | Financial instruments (continued)
market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periond in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The nature of the group's trade means that there are numerous trade debtors, which leads to potential issues with the recovery of the group's debts. The group assess the recoverability of its debtors based on historical experience and are in constant dialogue with its customers. Provisions are implemented against trade debtors where recoverability is uncertain. Page 27
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| License revenue | 27,320,375 | 20,418,864
| Implementation fees | 579,135 | 339,920
| Device sales | 459,947 | 1,517,654
|  | 28,359,457 | 22,276,438
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 27,103,322 | 20,998,692
| Rest of Europe | 22,556 | 12,455
| Rest of the world | 1,233,579 | 1,265,291
|  | 28,359,457 | 22,276,438
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 2,711 | -
| Exchange differences | 29,636 | 33,220
| Other operating lease rentals | 10,254 | 682
Page 28
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 65,000 | 75,750
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | 15,000 | 11,960
| All non-audit services not included above | 45,000 | 48,900
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 11,688,154 | 9,287,363
| Social security costs | 1,015,693 | 873,573
| Cost of defined contribution scheme | 300,054 | 236,914
|  | 13,003,901 | 10,397,850
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 4
|  | Employees | 204 | 168
|  |  | 209 | 172
| The Company has no employees other than the Directors, who did not receive any remuneration (2024 - £NIL)
Page 29
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | Directors' remuneration
| The Directors remuneration disclosed below is in relation to directors of all group companies, including the two Directors of the parent company.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 548,299 | 495,519
| Group contributions to defined contribution pension schemes | 16,187 | 13,234
|  | 564,486 | 508,753
| During the year retirement benefits were accruing to 3 Directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £302,312 (2024 - £168,103).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £8,808 (2024 - £4,840).
| The Directors are the Key Management Personnel of the Group and their remuneration is noted above.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 63,836 | 59,437
|  | 63,836 | 59,437
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,670,573 | 1,729,552
| Other loan interest payable | 19,170 | -
| Finance leases and hire purchase contracts | - | 1,596
| Other interest payable | 6,567 | 1,434
|  | 1,696,310 | 1,732,582
Page 30
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 8,667 | (22,139)
| Adjustments in respect of previous periods | - | (73,268)
|  | 8,667 | (95,407)
| Total current tax | 8,667 | (95,407)
| Deferred tax |  |
| Origination and reversal of timing differences | (65,938) | 153,133
| Total deferred tax | (65,938) | 153,133
| Tax on loss | (57,271) | 57,726
Page 31
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (9,884,753) | (10,105,705)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (2,471,188) | (2,526,426)
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 2,727,006 | 2,545,427
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 46,528 | 41,713
| Capital allowances for year in excess of depreciation | (148,173) | 16,959
| Utilisation of tax losses | (365,991) | (183,904)
| Adjustments to tax charge in respect of prior periods | - | (73,268)
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (23,021)
| Unrelieved tax losses carried forward | 154,547 | 260,246
| Total tax charge for the year | (57,271) | 57,726
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £3,500,758 (2024 - £3,600,803). Page 32
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | Intangible assets
| Group
|  | Patents | Trademarks | Computer software | Goodwill | Total
|  | £ | £ | £ | £ | £
| Cost (as restated) |  |  |  |  |
| At 1 June 2024 | 5,300 | 53,959 | 486,140 | 109,047,314 | 109,592,713
| Additions | - | - | - | 254,685 | 254,685
| At 31 May 2025 | 5,300 | 53,959 | 486,140 | 109,301,999 | 109,847,398
| Amortisation |  |  |  |  |
| At 1 June 2024 | 3,445 | 30,437 | 322,546 | 16,335,337 | 16,691,765
| Charge for the year | 1,855 | 23,522 | 101,756 | 10,904,023 | 11,031,156
| At 31 May 2025 | 5,300 | 53,959 | 424,302 | 27,239,360 | 27,722,921
| Net book value |  |  |  |  |
| At 31 May 2025 | - | - | 61,838 | 82,062,639 | 82,124,477
| At 31 May 2024 (as restated) | 1,855 | 23,522 | 163,594 | 92,711,977 | 92,900,948
Page 33
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
14. | Tangible fixed assets
| Group
|  | Leasehold property | Plant and machinery | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 June 2024 | 476,137 | 3,179,925 | 179,164 | 24,200 | 68,190 | 3,927,616
| Additions | 1,084 | 1,729,629 | - | - | 15,351 | 1,746,064
| Disposals | - | - | (179,164) | - | - | (179,164)
| Transfers between classes | (146,296) | 146,296 | - | - | - | -
| At 31 May 2025 | 330,925 | 5,055,850 | - | 24,200 | 83,541 | 5,494,516
| Depreciation |  |  |  |  |  |
| At 1 June 2024 | 118,336 | 860,426 | 8,851 | 15,908 | 48,110 | 1,051,631
| Charge for the year | 57,702 | 1,006,509 | 6,784 | 8,597 | 11,537 | 1,091,129
| Disposals | - | - | (15,635) | - | - | (15,635)
| At 31 May 2025 | 176,038 | 1,866,935 | - | 24,505 | 59,647 | 2,127,125
| Net book value |  |  |  |  |  |
| At 31 May 2025 | 154,887 | 3,188,915 | - | (305) | 23,894 | 3,367,391
Page 34
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
15. | Fixed asset investments
| Group
|  | Investments in associates | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 June 2024 | 29,142 | 320,908 | 350,050
| At 31 May 2025 | 29,142 | 320,908 | 350,050
| The investment in assoicate relates to a holding of ordinary shares in Digital Reception Limited. Digital Reception Limited has a registered office of Leladene Camilla Drive, Dorking, England, RH5 6BU.
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 June 2024 | 1
| At 31 May 2025 | 1
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Connected Care Bidco Limited (formerly named Project Polar Bidco Limited) | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY | Ordinary | 100
Page 35
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Panecea Group Limited^* | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY | Ordinary | 100%
| Person Centred Software Limited** | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY | Ordinary | 100%
| Person Centred Software Pty** | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY | Ordinary | 100%
| PGL KIL LImited (Formerly KareInn Limited)^** | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU1 4SY | Ordinary | 100%
| PGL DPL Limited (Formerly DepenSys Limited)^** | Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU1 4SY | Ordinary | 100%
| PGL RCPL (Formerly RedCrier Publications Limited)^** | Rumwell Hall, Rumwell, Taunton, Somerset, United Kingdom, TA4 1EL | Ordinary | 100%
| ResHub Healthcare Limited** | Bo Choill Road ATHY R93D9N2 CO Kildare, Ireland | Ordinary | 100%
| ResHub Healthcare Pty*** | 232 Unley Rd, Unley SA 5061, Australia | Ordinary | 100%
| ResHub Healthcare Inc*** | 52900, Jalisco Street, La Quinta, CA, 92253 | Ordinary | 100%
| ^Denotes subsidiaries which have taken advantage of the parent company guarantee exemption to prepare unaudited accounts in accordance with s479A of the Companies Act 2006. *Company indirectly held through Connected Care Bidco Limited. **Company indirectly held through Panecea Group Limited. ***Company indirectly held through ResHub Healthcare Limited.
Page 36
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 318,793 | 164,851
|  | 318,793 | 164,851
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Trade debtors | 246,390 | 44,617 | - | -
| Amounts owed by group undertakings | - | - | 82,353,926 | 82,353,926
| Other debtors | 327,997 | 475,251 | - | -
| Prepayments and accrued income | 287,963 | 462,961 | 9,847,045 | 6,299,292
|  | 862,350 | 982,829 | 92,200,971 | 88,653,218
| Due within one year |  |  |  |
| Trade debtors | 5,289,330 | 3,672,840 | - | -
| Amounts owed by group companies | - | - | 12,732,444 | 12,732,438
| Other debtors | 418,323 | 803,532 | 100,850 | -
| Prepayments and accrued income | 979,418 | 842,051 | - | -
| Tax recoverable | 21,039 | 14,080 | - | -
|  | 7,570,460 | 6,315,332 | 105,034,265 | 101,385,656
18. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 1,107,443 | 2,310,382
| Less: bank overdrafts | - | (8,859)
|  | 1,107,443 | 2,301,523
Page 37
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group As restated | Company | Company As restated
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | - | 8,859 | - | -
| Bank loans | 291,221 | 229,466 | - | -
| Other loans | 37,613 | 50,767 | - | -
| Trade creditors | 1,547,353 | 973,439 | - | -
| Amounts owed to group undertakings | - | - | 8,400 | -
| Corporation tax | 46,137 | 76,018 | - | -
| Other taxation and social security | 698,440 | 1,238,188 | - | -
| Obligations under finance lease and hire purchase contracts | - | 40,331 | - | -
| Other creditors | 2,191,032 | 1,330,671 | 1 | -
| Accruals and deferred income | 2,491,659 | 3,090,332 | 40,000 | -
|  | 7,303,455 | 7,038,071 | 48,401 | -
| Bank loans of £291,221 (2024 - £229,466) are secured on the assets of the group. Other loans of £37,613 (2024 - £50,767) are secured on the assets of the group. Obligations under finance lease and hire purchase contracts of £Nil (2024 - £40,331) are secured on the assets to which they relate.
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Bank loans | 18,305,000 | 17,067,500
| Net obligations under finance leases and hire purchase contracts | - | 157,730
| Other creditors | 324,851 | 1,456,999
| Accruals and deferred income | 129,210 | 639,679
|  | 18,759,061 | 19,321,908
Bank loans of £18,305,000 (2024 - £17,067,500 ) are secured on the assets of the group. Obligations under finance lease and hire purchase contracts of £Nil (2024 - £157,730) are secured on the assets to which they relate. Page 38
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 291,221 | 229,466
| Other loans | 37,613 | 50,767
|  | 328,834 | 280,233
| Amounts falling due 1-2 years |  |
| Bank loans | 460,500 | -
| Amounts falling due 2-5 years |  |
| Bank loans | 17,844,500 | 17,067,500
|  | 17,844,500 | 17,067,500
|  | 18,633,834 | 17,347,733
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | - | 40,331
| Between 1-5 years | - | 157,730
|  | - | 198,061
| In the prior year, the company had hire purchase obligations of approximately £198,061 within 1–5 years. These agreements related to motor vehicles and were fully settled during the year. Accordingly, there are no outstanding hire purchase obligations at the year end.
Page 39
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
23. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (455,144)
| Charged to profit or loss | 53,096
| At end of year | (402,048)
| Company
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 402,048 | 455,144
|  | 402,048 | 455,144
Page 40
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 105,577,123 (2024 - 105,577,120) Ordinary A Shares shares of £0.001 each | 105,577 | 105,577
|  | 5,708,210 (2024 - 5,708,210) Ordinary B Shares shares of £0.001 each | 5,708 | 5,708
|  | 2,688,103 (2024 - 1,583,000) Ordinary C Shares shares of £0.001 each | 2,688 | 1,583
|  |  | 113,973 | 112,868
On 2 May 2025, the company issued 1,105,000 Ordinary C shares of £0.001 each for a total share premium of £98,345. The company received proceeds of £99,450 with respect to the shares issued. Each class of shares carry equal voting rights.
25. | Reserves
Share premium account The total share premium balance was increased by £98,345 to £95,102,346 at the balance sheet date after taking into account the legal, administrative and arrangement costs associated with the issue of shares. Foreign exchange reserve Foreign exchange reserve represents amounts recognise on retranslating the net assets/liabilities of overseas subsidiaries into Sterling. Changes in the foreign exchange reserve are set out in the Statement of Changes in Equity. Profit and loss account The profit and loss account is represented by retained earnings.
26. | Prior year adjustment
It was identified that administrative expenses of £539,162 were overstated in the 2023 financial year. The financial statements have therefore been restated to correct for this. Retained earnings has increased by £539,162 and creditors due within 1 year have decreased by the same amount. The group's retained earnings as at 1 June 2024 have therefore also been restated by the same amount. Deferred consideration of £1.2m in relation to an investment in a subsidiary made during the prior year was omitted from the consolidated financial statements for the year to 31 May 2024. The financial statements have therefore been restated to correct for this omission. The cost of goodwill and other creditors due over 1 year have both increased by £1.2m as at 31 May 2024. Page 41
CONNECTED CARE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
27. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £300,054 (2024 - £236,914). Contributions totalling £76,401 (2024 - £39,036) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 May 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 85,489 | 60,345
| Later than 1 year and not later than 5 years | 281,610 | 105,604
| Later than 5 years | - | 271,553
|  | 367,099 | 437,502
29. | Related party transactions
| The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. During the year the group made payments of £114,524 (2024: £20,554) to Cow Corner Investing Ltd, a company under common directorship. At the year end a balance of £Nil (2024: £Nil) was payable to Cow Corner Investing Ltd.
30. | Controlling party
The ultimate controlling party is Cow Corner 1 GP LLP by virtue of owning a controlling interest in the share capital of the company. Cow Corner 1 GP LLP is registered in England and Wales with a registration number of LP021297 and a registered office of 4th Floor Altas Chambers, 33 West Street, Brighton, East Sussex, BN1 2RE. The financial statements of the ultimate controlling party are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ.
Page 42