REGISTERED NUMBER: 08751823 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

for

Lindisfarne Healthcare(Holdings) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

A Cornford

V Keenan

REGISTERED OFFICE:

Willowbrook House

St Arvans Crescent

St Mellons

Cardiff

CF3 0FD

REGISTERED NUMBER:

08751823 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stephen Horrigan FCA

AUDITORS:

DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

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

REVIEW OF BUSINESS

The results for the financial year are set out in the attached profit & loss account and the balance sheet sets out the financial position of the company as at 31 December 2024.

During the year ended 31 December 2024 interest rates remained higher than in previous years which has had a continued effect upon the profitability of the company as a result of the increase in borrowing costs.When coupled with the increases in minimum wage these factors have presented some challenges to cash flow.

Having regard to the comments made above the directors consider the results for the year to be satisfactory and they are confident that underlying profitability will improve in the forthcoming financial year as the company continues to maintain and consolidate it's position in a competitive market.

Turnover increased during the year and gross margin achieved remained consistent. One of the key indicators used by the company is wage costs relative to turnover. This information is confidential as it is commercially sensitive but the percentage of wages excluding directors salaries to turnover has increased as compared to previous years as a result in increases in minimum wage and associated costs.

As disclosed elsewhere in the accounts fixed assets are stated at cost. In November 2024 a valuation was carried out which confirmed that the open market value of the business is significantly in excess of the amount at which the assets are stated in the accounts. A revaluation was carried out that restated the long leasehold interest at fair value in the accounts.

PRINCIPAL RISKS AND UNCERTAINTIES

The director undertakes periodic reviews of the operating risks facing the group.

The company and it's subsidiary are exposed to certain financial risks and the directors have developed and evaluated strategies and programmes on internal controls to address the principal risks identified. Those identified are controlled as follows :

Credit Risk : The company's principal assets comprise investment in a subsidiary company and amounts due from that company. Provisions are made if required for irrecoverable amounts and impairment provision made where a loss event is identifiable and which could give rise to a reduction in the recoverability of cash flows.

Liquidity Risk : In order to maintain liquidity to ensure that there are sufficient funds available for ongoing operations and future developments the company uses a mixture of long and short term debt finance.

Cash Flow Risk : The trading activities of the company and it's subsidiary are all within the United Kingdom and therefore it is not expected to be exposed to exchange rate fluctuations and is also not concerned as to any impact the effects that Brexit might have.

Interest rate risk: The subsidiary company has bank borrowings that are linked to bank base rate and costs have increased as a result of rise in the rates. The directors implemented a strategy of efficiencies designed to result in savings to meet these additional costs and have a strategy in place if this becomes unmanageable.

Regular management accounts are prepared and reviewed by the director and trends and variances considered and investigated as to any impact upon the business and it's cash flow.Because of the straightforward nature of the trading operations in the directors analysis using Key Performance Indicators ( KPI'S ) is not necessary for an understanding of the development, performance or position of the business.

Exposure to adverse movements in interest rates is not considered by the directors to be a significant risk as it is manageable within existing trading operations .

FINANCIAL KEY PERFORMANCE INDICATORS

One of the groups key indicators is wage costs expressed as a percentage of turnover. This information is confidential and regarded as commercially sensitive. However, the directors are of the view that the percentages achieved by the group are at an acceptable level particularly when increased costs as a result of the introduction of Auto Enrolment are taken into account.

Given the straightforward nature of the business of the group the directors are of the opinion that analysis of performance using key performance indicators is not necessary for an understanding of the development, performance or position of the business of the group.

ON BEHALF OF THE BOARD:

A Cornford - Director

19 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the operation of a high quality Nursing and Care Home providing general nursing care but specialising particularly in the care of the elderly and mentally infirmed care users. (EMI)

DIVIDENDS

During the year a dividend was made available to the estate of the late Mrs A F Kelly of £900,000 to be applied against a debt due by the estate to a subsidiary company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Cornford

V Keenan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

A Cornford - Director

19 September 2025

Opinion

We have audited the financial statements of Lindisfarne Healthcare(Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

As part of planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statement's, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures , opportunity and motivations for fraud. As part of this discussion we identified the internal controls to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory frameworks that are applicable to the company and the industry in which it operates, drawing on our wide experience, and considered whether there had been any acts by the company that may have been contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and relevant local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated where necessary to other necessary evidence.

Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override on internal controls including testing journals and evaluation of whether there was any evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it.

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.

Stephen Horrigan FCA (Senior Statutory Auditor)

for and on behalf of DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

19 September 2025

TURNOVER

6,348,390

5,970,525

Cost of sales

596,701

559,611

GROSS PROFIT

5,751,689

5,410,914

Administrative expenses

4,908,452

4,849,596

OPERATING PROFIT

4

843,237

561,318

Gain/loss on revaluation of tangible assets

2,868,073

-

3,711,310

561,318

Interest payable and similar expenses

5

366,092

343,781

PROFIT BEFORE TAXATION

3,345,218

217,537

Tax on profit

6

850,500

138,590

PROFIT FOR THE FINANCIAL YEAR

2,494,718

78,947

Profit attributable to:

Owners of the parent

2,494,718

78,947

PROFIT FOR THE YEAR

2,494,718

78,947

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,494,718

78,947

Total comprehensive income attributable to:

Owners of the parent

2,494,718

78,947

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

8,100,000

5,261,031

Investments

11

3,667,923

3,667,923

11,767,923

8,928,954

CURRENT ASSETS

Stocks

12

35,000

35,000

Debtors

13

1,178,632

2,307,262

Cash at bank and in hand

87,934

20,986

1,301,566

2,363,248

CREDITORS

Amounts falling due within one year

14

1,059,631

1,173,817

NET CURRENT ASSETS

241,935

1,189,431

TOTAL ASSETS LESS CURRENT LIABILITIES

12,009,858

10,118,385

CREDITORS

Amounts falling due after more than one year

15

(4,109,564

)

(4,536,847

)

PROVISIONS FOR LIABILITIES

18

(1,127,695

)

(403,657

)

NET ASSETS

6,772,599

5,177,881

CAPITAL AND RESERVES

Called up share capital

19

2

2

Share premium

20

1,549,998

1,549,998

Fair value reserve

20

2,151,055

-

Retained earnings

20

3,071,544

3,627,881

SHAREHOLDERS' FUNDS

6,772,599

5,177,881

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

A Cornford - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

3,124,539

3,124,539

3,124,539

3,124,539

CREDITORS

Amounts falling due within one year

14

124,539

124,539

NET CURRENT LIABILITIES

(124,539

)

(124,539

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,000,000

3,000,000

CAPITAL AND RESERVES

Called up share capital

19

2

2

Share premium

1,549,998

1,549,998

Retained earnings

1,450,000

1,450,000

SHAREHOLDERS' FUNDS

3,000,000

3,000,000

Company's profit for the financial year

900,000

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

A Cornford - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

2

3,548,934

1,549,998

-

5,098,934

Changes in equity

Total comprehensive income

-

78,947

-

-

78,947

Balance at 31 December 2023

2

3,627,881

1,549,998

-

5,177,881

Changes in equity

Dividends

-

(900,000

)

-

-

(900,000

)

Total comprehensive income

-

343,663

-

2,151,055

2,494,718

Balance at 31 December 2024

2

3,071,544

1,549,998

2,151,055

6,772,599

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

2

1,450,000

1,549,998

3,000,000

Changes in equity

Balance at 31 December 2023

2

1,450,000

1,549,998

3,000,000

Changes in equity

Dividends

-

(900,000

)

-

(900,000

)

Total comprehensive income

-

900,000

-

900,000

Balance at 31 December 2024

2

1,450,000

1,549,998

3,000,000

Cash flows from operating activities

Cash generated from operations

1

1,916,324

647,806

Interest paid

(366,092

)

(343,781

)

Tax paid

(92,127

)

(99,884

)

Net cash from operating activities

1,458,105

204,141

Cash flows from investing activities

Purchase of tangible fixed assets

(67,376

)

(11,000

)

Net cash from investing activities

(67,376

)

(11,000

)

Cash flows from financing activities

New loans in year

-

250,000

Loan repayments in period

(427,283

)

(360,322

)

Equity dividends paid

(900,000

)

-

Net cash from financing activities

(1,327,283

)

(110,322

)

Increase in cash and cash equivalents

63,446

82,819

Cash and cash equivalents at beginning of year

2

(46,594

)

(129,413

)

Cash and cash equivalents at end of year

2

16,852

(46,594

)

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

2024

2023

£

£

Profit before taxation

3,345,218

217,537

Depreciation charges

96,480

129,480

Gain on revaluation of fixed assets

(2,868,073

)

-

Finance costs

366,092

343,781

939,717

690,798

Decrease/(increase) in trade and other debtors

1,128,630

(20,743

)

Decrease in trade and other creditors

(152,023

)

(22,249

)

Cash generated from operations

1,916,324

647,806

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

87,934

20,986

Bank overdrafts

(71,082

)

(67,580

)

16,852

(46,594

)

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

20,986

2,001

Bank overdrafts

(67,580

)

(131,414

)

(46,594

)

(129,413

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

20,986

66,948

87,934

Bank overdrafts

(67,580

)

(3,502

)

(71,082

)

(46,594

)

63,446

16,852

Debt

Debts falling due within 1 year

(429,996

)

-

(429,996

)

Debts falling due after 1 year

(4,536,847

)

427,283

(4,109,564

)

(4,966,843

)

427,283

(4,539,560

)

Total

(5,013,437

)

490,729

(4,522,708

)

1.	STATUTORY INFORMATION

Lindisfarne Healthcare(Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

The financial statements are presented in pounds sterling.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and it's subsidiary undertakings as at 31 December 2024. Uniform accounting policies are in place across the group and intercompany transactions and balances are eliminated on consolidation

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover represents the invoiced value of services provided to care users. The activities of the group are exempt from value added tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and that the revenue can be reliable measured.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Long leasehold

-

in accordance with the property

Plant and machinery

-

2% on cost

Fixtures and fittings

-

at varying rates on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,128,808

4,008,229

Other pension costs

69,624

142,345

4,198,432

4,150,574

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

2024

2023

Directors

2

2

Management, Financial and Administrative

7

6

Nursing & Carers

109

118

Kitchen & Domestics

24

19

Maintenance & Activities

6

6

148

151

Wage & Salary costs for the year ended 31 December 2024 includes £339,581 (2023 £272,794) in respect of Social Security costs represented by Employers National Insurance Contributions.

During the year £69,624 has been charged to the income statement in respect of contributions made by the group to employers pensions