REGISTERED NUMBER: 04127951 (England and Wales)

Flollie Investments Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

C C Larkin

T S Larkin

REGISTERED OFFICE:

16-20 Cecil Road

Weston Super Mare

North Somerset

BS23 2NT

REGISTERED NUMBER:

04127951 (England and Wales)

AUDITORS:

Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Barclays Bank Plc

South West and Wales Corp 1

1 Churchill Place

Canary Wharf

London

E14 5HP

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Our aim has always been to improve the quality of life for everyone in our care. Our approach to care is completely person-centred, providing a warm and healthy living environment that is entirely based on the specific needs of each resident. We strive to maintain good relationships with local healthcare departments and our regulator. We are working closely with a specialist management support team dedicated to helping us achieve the highest standards of care and excellence.

Care services

Residential care with nursing is provided through our care homes in Weston-super-Mare, North Somerset. Our homes are regulated by the Care Quality Commission. Alice House, Fig House and Heathwood Care Home specialise in providing care to people who have dementia and other mental health needs.

Staffing

We are dependent on staff. We are regulated to ensure safe staff levels and although we have a loyal core, recruitment in this low paid sector is never easy. Our business is very much governed by the relationship between turnover and wage costs.

KEY PERFORMANCE INDICATORS

The key performance indicators for the company are turnover, profitability and wages to turnover ratio.

2024 2023

Turnover 4,051,382 3,785,132

Profit before tax 637,366 599,530

Average number of employees 78 82

Turnover for the year increased by 7.0% (2023: 13.7%).

Occupancy capacity for 83 residents (2023: 83).

Average occupancy for year was 86% (2023: 86%).

Employee costs represent 50% of turnover (2023: 48%).

PRINCIPAL RISKS AND UNCERTAINTIES

CQC regulation

The company is regulated by the health, safety and other regulatory requirements as outlined by the Care Quality Commission. The company strives to mitigate these risks by providing excellent care to its residents and ensuring its care procedures are continually updated.

Credit risk

The company is not exposed to significant credit risk due to major contracts with local authorities. Private fees are managed through credit control procedures.

Interest rate risk

The company has financed the acquisition of care homes using medium to long term financing and monitors its interest rate risk regularly. The company has to meet certain bank covenants and although there has been a breach for the year ending 31 December 2024, as well as in the previous year, there have been no indications from the bank that funding will be withdrawn. Cashflow remains strong and there have been no issues with making payments as they fall due.

FUTURE DEVELOPMENTS

We remain committed to offering high quality care and maintaining good relationships with our contract partners and regulators.

.

ON BEHALF OF THE BOARD:

C C Larkin - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of care services.

DIVIDENDS

An interim dividend of £17,750 per share was paid on 30 September 2024. The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 31 December 2024 will be £355,000 (2023: £507,000).

DIRECTORS

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

The beneficial interests of the directors holding office at 31 December 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.24

1.1.24

Ordinary shares of £1 each

C C Larkin

10

10

T S Larkin

10

10

These directors did not hold any non-beneficial interests in the shares of the company.

CHARITABLE DONATIONS

There were no charitable donations in the year exceeding £2,000. However, last year, although not to a registered charity, the company provided accommodation and support for Ukrainian refugees in Weston-super-Mare amounting to £10,210.

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), 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 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 he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C C Larkin - Director

30 September 2025

Opinion

We have audited the financial statements of Flollie Investments Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 December 2024 and of its 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 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 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.

Emphasis of matter

We draw your attention to note 3 of the financial statements which highlights the fact that the company breached the cashflow to debt service bank covenant in the year. As a result, bank loans have been reclassified from falling due after one year to falling due within one year.

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.

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

-	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 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.

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 are detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising 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 by, for example, forgery or intentional misrepresentations, or through collusion.

We identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting evidence and enquiries with management. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Philip Littler FCA (Senior Statutory Auditor)

for and on behalf of Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

30 September 2025

TURNOVER

4,051,382

3,785,132

Cost of sales

185,096

184,483

GROSS PROFIT

3,866,286

3,600,649

Administrative expenses

3,038,386

2,819,563

827,900

781,086

Other operating income

4

41,855

43,047

OPERATING PROFIT

6

869,755

824,133

Interest receivable and similar income

79

3,371

869,834

827,504

Interest payable and similar expenses

7

232,468

227,974

PROFIT BEFORE TAXATION

637,366

599,530

Tax on profit

8

181,385

165,906

PROFIT FOR THE FINANCIAL YEAR

455,981

433,624

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

455,981

433,624

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

5,292,831

5,495,340

Investments

12

100

100

5,292,931

5,495,440

CURRENT ASSETS

Stocks

13

5,142

5,846

Debtors

14

1,064,645

919,422

Cash at bank and in hand

111,924

146,041

1,181,711

1,071,309

CREDITORS

Amounts falling due within one year

15

4,376,501

4,495,599

NET CURRENT LIABILITIES

(3,194,790

)

(3,424,290

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,098,141

2,071,150

CREDITORS

Amounts falling due after more than one year

16

(30,948

)

(77,044

)

PROVISIONS FOR LIABILITIES

20

(100,863

)

(128,757

)

NET ASSETS

1,966,330

1,865,349

CAPITAL AND RESERVES

Called up share capital

21

20

20

Retained earnings

22

1,966,310

1,865,329

SHAREHOLDERS' FUNDS

1,966,330

1,865,349

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

C C Larkin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

20

1,938,705

1,938,725

Changes in equity

Dividends

-

(507,000

)

(507,000

)

Total comprehensive income

-

433,624

433,624

Balance at 31 December 2023

20

1,865,329

1,865,349

Changes in equity

Dividends

-

(355,000

)

(355,000

)

Total comprehensive income

-

455,981

455,981

Balance at 31 December 2024

20

1,966,310

1,966,330

Cash flows from operating activities

Cash generated from operations

1

1,009,112

1,054,062

Interest paid

(223,316

)

(223,543

)

Interest element of hire purchase payments paid

(9,152

)

(4,431

)

Tax paid

(138,697

)

(131,945

)

Net cash from operating activities

637,947

694,143

Cash flows from investing activities

Purchase of tangible fixed assets

-

(550,374

)

Sale of tangible fixed assets

-

53,500

Interest received

79

3,371

Net cash from investing activities

79

(493,503

)

Cash flows from financing activities

Capital repayments in year

(263,411

)

(222,809

)

Amount introduced by directors

371,312

507,000

Amount withdrawn by directors

(425,044

)

(361,872

)

Equity dividends paid

(355,000

)

(507,000

)

Net cash from financing activities

(672,143

)

(584,681

)

Decrease in cash and cash equivalents

(34,117

)

(384,041

)

Cash and cash equivalents at beginning of year

2

146,041

530,082

Cash and cash equivalents at end of year

2

111,924

146,041

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

31.12.24

31.12.23

£

£

Profit before taxation

637,366

599,530

Depreciation charges

202,509

202,821

Profit on disposal of fixed assets

-

(20,934

)

Finance costs

232,468

227,974

Finance income

(79

)

(3,371

)

1,072,264

1,006,020

Decrease/(increase) in stocks

704

(1,309

)

(Increase)/decrease in trade and other debtors

(91,491

)

59,186

Increase/(decrease) in trade and other creditors

27,635

(9,835

)

Cash generated from operations

1,009,112

1,054,062

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

111,924

146,041

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

146,041

530,082

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

146,041

(34,117

)

111,924

146,041

(34,117

)

111,924

Debt

Finance leases

(152,494

)

75,449

(77,045

)

Debts falling due within 1 year

(3,881,933

)

187,962

(3,693,971

)

(4,034,427

)

263,411

(3,771,016

)

Total

(3,888,386

)

229,294

(3,659,092

)

1.	STATUTORY INFORMATION

Flollie Investments 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 Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost convention.

Turnover

Turnover represents fee income receivable from care services provided. Turnover is recognised in the year in which the company obtains the right to consideration as the services provided under contracts have been delivered and is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as advanced income and included as part of creditors due within one year.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Property improvements

-

in accordance with the property

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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 Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Accounting estimates and judgements

The directors consider there to be no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.	OTHER OPERATING INCOME

31.12.24

31.12.23

£

£

Rents received

33,155

30,737

Local authority grants

8,700

12,310

41,855

43,047

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,844,813

1,660,432

Social security costs

155,056

126,995

Other pension costs

21,539

23,503

2,021,408

1,810,930

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

31.12.24

31.12.23

Care and kitchen staff

69

74

Management staff

5

5

Administrative staff

2

2

Maintenance staff

2

1

78

82

31.12.24

31.12.23

£

£

Directors' remuneration

19,752

19,752

6.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

1,210

391

Depreciation - owned assets

143,103

161,336

Depreciation - assets on hire purchase contracts

59,406

41,485

Profit on disposal of fixed assets

-

(20,934

)

Auditors' remuneration

12,000

12,000

Auditors' remuneration for non audit work

12,606

13,080

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Loan interest

223,316

223,543

Hire purchase interest

9,152

4,431

232,468

227,974

8.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

209,279

138,697

Deferred tax

(27,894

)

27,209

Tax on profit

181,385

165,906

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

637,366

599,530

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

159,342

140,890

Effects of:

Expenses not deductible for tax purposes

375

2,441

Capital allowances in excess of depreciation

-

(4,634

)

Depreciation in excess of capital allowances

49,562

-

Deferred tax movement

(27,894

)

27,209

Total tax charge

181,385

165,906

9.

DIVIDENDS

31.12.24

31.12.23

£

£

Interim

355,000

507,000

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

455,000

AMORTISATION

At 1 January 2024

and 31 December 2024

455,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-