REGISTERED NUMBER: SC248051 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

CURO SALUS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

Mrs J Boucetta

Ms K Hampson

REGISTERED OFFICE:

Wardhouse Farm

Forehouse Road

Kilbarchan

RENFREWSHIRE

PA10 2PU

REGISTERED NUMBER:

SC248051 (Scotland)

SENIOR STATUTORY AUDITOR:

Douglas Paton BSc CA

AUDITORS:

Bannerman Johnstone Maclay

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

The directors present their strategic report for the year ended 30 September 2024.

The principal activity of the company is the provision of care and education for young people.

REVIEW OF BUSINESS

The directors are pleased with the financial results for the year. Investment in staff training and recruitment remained a priority to address sector-wide workforce challenges and maintain high standards of care and education.

The organisation operates within a highly regulated environment overseen by the Care Inspectorate and Education Scotland, requiring compliance with rigorous standards for safeguarding, quality of care, and educational outcomes. The company remains committed to delivering exceptional care and education to vulnerable children, supporting their growth and wellbeing in a safe and supportive environment.

PRINCIPAL RISKS AND UNCERTAINTIES

During the forthcoming year the board consider the principal risks and uncertainties affecting the company to be:

- Regulatory Compliance

- Workforce Challenges

- Government Policy

- Local Authority Funding

Having considered the risks to the organisation, the board are of the opinion that the company has taken positive action and responded to mitigate the impact of these risks and uncertainties.

KEY PERFORMANCE INDICATORS

The directors and senior management of the company regularly monitor the performance of the organisation with reference to key performance indicators (KPIs) such as occupancy, staff turnover, and educational progress metrics were closely monitored to ensure continuous improvement.

ON BEHALF OF THE BOARD:

Ms K Hampson - Director

26 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS

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

Mrs J Boucetta

Ms K Hampson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms K Hampson - Director

26 September 2025

Qualified opinion

We have audited the financial statements of Curo Salus Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion section the accompanying financial statements give a true and fair view of the financial position of the Company as at 30 September, 2024, and of its financial performance and its cash flows for the year then ended in accordance with Financial Reporting Standard 102.

Basis for qualified opinion

The financial statements do not include certain disclosures in respect of directors' remuneration that are required by Section 412 of the Companies Act 2006. In our judgement,this constitutes a departure from the disclosure requirements of the Act.

The financial statements do not include certain disclosures in respect of related party transactions that are required by Section 33 of FRS 102. In our judgement, the omission of this information constitutes a departure from the requirements of FRS 102.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

As referred to in the Basis for Qualified Opinion, there has been an omission of information regarding directors' remuneration required by the Companies Act 2026.

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

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

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

-

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were the most significant: the Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquires to the management.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

identifying and assessing the design and 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 judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual accounting combinations; and

-

assessing the extent of compliance with relevant laws and regulations.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Douglas Paton BSc CA (Senior Statutory Auditor)

for and on behalf of Bannerman Johnstone Maclay

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

26 September 2025

TURNOVER

12,816,733

12,567,299

Cost of sales

10,018,157

9,898,624

GROSS PROFIT

2,798,576

2,668,675

Administrative expenses

1,755,499

1,591,393

OPERATING PROFIT

4

1,043,077

1,077,282

Interest receivable and similar income

579

-

1,043,656

1,077,282

Gain/loss on revaluation of tangible assets

(2,745,592

)

-

(1,701,936

)

1,077,282

Interest payable and similar expenses

5

24,631

42,927

(LOSS)/PROFIT BEFORE TAXATION

(1,726,567

)

1,034,355

Tax on (loss)/profit

6

210,730

263,358

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,937,297

)

770,997

(LOSS)/PROFIT FOR THE YEAR

(1,937,297

)

770,997

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,937,297

)

770,997

FIXED ASSETS

Tangible assets

7

3,665,277

6,433,652

CURRENT ASSETS

Debtors

8

1,166,950

1,251,216

Cash at bank

1,370,988

933,223

2,537,938

2,184,439

CREDITORS

Amounts falling due within one year

9

2,375,159

2,758,385

NET CURRENT ASSETS/(LIABILITIES)

162,779

(573,946

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,828,056

5,859,706

CREDITORS

Amounts falling due after more than one year

10

55,281

149,634

NET ASSETS

3,772,775

5,710,072

CAPITAL AND RESERVES

Called up share capital

13

2

2

Retained earnings

14

3,772,773

5,710,070

SHAREHOLDERS' FUNDS

3,772,775

5,710,072

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Ms K Hampson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2022

2

4,939,073

4,939,075

Changes in equity

Total comprehensive income

-

770,997

770,997

Balance at 30 September 2023

2

5,710,070

5,710,072

Changes in equity

Total comprehensive income

-

(1,937,297

)

(1,937,297

)

Balance at 30 September 2024

2

3,772,773

3,772,775

Cash flows from operating activities

Cash generated from operations

1

1,126,158

953,849

Interest paid

(16,124

)

(28,452

)

Interest element of hire purchase payments paid

(8,507

)

(14,475

)

Tax paid

(263,316

)

(115,753

)

Net cash from operating activities

838,211

795,169

Cash flows from investing activities

Purchase of tangible fixed assets

(58,458

)

(45,343

)

Sale of tangible fixed assets

-

64,582

Interest received

579

-

Net cash from investing activities

(57,879

)

19,239

Cash flows from financing activities

Loan repayments in year

(273,932

)

(258,786

)

Capital repayments in year

(68,635

)

(124,634

)

Amount introduced by directors

-

19,410

Net cash from financing activities

(342,567

)

(364,010

)

Increase in cash and cash equivalents

437,765

450,398

Cash and cash equivalents at beginning of year

2

933,223

482,825

Cash and cash equivalents at end of year

2

1,370,988

933,223

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(1,726,567

)

1,034,355

Depreciation charges

142,615

195,519

Profit on disposal of fixed assets

-

(15,205

)

Loss on revaluation of fixed assets

2,745,592

-

Finance costs

24,631

42,927

Finance income

(579

)

-

1,185,692

1,257,596

Decrease/(increase) in trade and other debtors

129,051

(117,854

)

Decrease in trade and other creditors

(188,585

)

(185,893

)

Cash generated from operations

1,126,158

953,849

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,370,988

933,223

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

933,223

482,825

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.10.23

Cash flow

changes

At 30.9.24

£

£

£

£

Net cash

Cash at bank

933,223

437,765

1,370,988

933,223

437,765

1,370,988

Debt

Finance leases

(115,500

)

68,635

-

(108,239

)

Debts falling due

within 1 year

(261,752

)

190,046

-

(71,706

)

Debts falling due

after 1 year

(83,886

)

83,886

-

-

(461,138

)

342,567

-

(179,945

)

Total

472,085

780,332

-

1,191,043

1.	STATUTORY INFORMATION

Curo Salus Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors

The Company regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the Company believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost and 10% on cost

Motor vehicles

-

25% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

8,246,165

8,234,307

Social security costs

871,829

898,059

Other pension costs

341,473

271,096

9,459,467

9,403,462

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

2024

2023

Employees

215

218

Directors

2

2

217

220

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

72,629

68,359

Depreciation - owned assets

79,319

138,006

Depreciation - assets on hire purchase contracts

63,296

57,513

Profit on disposal of fixed assets

-

(15,205

)

Auditors' remuneration

16,200

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

16,124

28,452

Hire purchase

8,507

14,475

24,631

42,927

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

255,515

263,358

Deferred tax

(44,785

)

-

Tax on (loss)/profit

210,730

263,358

7.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2023

6,195,592

1,076,875

906,750

8,179,217

Additions

-

-

119,832

119,832

Revaluations

(2,745,592

)

-

-

(2,745,592

)

At 30 September 2024

3,450,000

1,076,875

1,026,582

5,553,457

DEPRECIATION

At 1 October 2023

-

1,017,472

728,093

1,745,565

Charge for year

-

34,753

107,862

142,615

At 30 September 2024

-

1,052,225

835,955

1,888,180

NET BOOK VALUE

At 30 September 2024

3,450,000

24,650

190,627

3,665,277

At 30 September 2023

6,195,592

59,403

178,657

6,433,652

All properties were valued in 2024 by Shepherd Commercial, Chartered Surveyors. The valuations were prepared in line with the RICS Red Book guidance and in accordance with the RICS Global Standards incorporating the IVSC International Valuation Standards . This valuation has been incorporated in the accounts.

Cost or valuation at 30 September 2024 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2024

(2,745,592

)

-

-

(2,745,592

)

Cost

6,195,592

1,076,875

1,026,582

8,299,049

3,450,000

1,076,875

1,026,582

5,553,457

If land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

6,195,592

6,195,592

All properties were valued on an open market basis on 13 August 2023 by J & E Shepherd Surveyors .