REGISTERED NUMBER: 07183476 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

GEORGIAN HOUSE (TORQUAY) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

J Feller

E J Feller

SECRETARY:

J Feller

REGISTERED OFFICE:

Georgian House

Park Hill Road

Torquay

TQ1 2DZ

REGISTERED NUMBER:

07183476 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

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

REVIEW OF BUSINESS

Georgian House Torquay Limited (the "Company") was incorporated on 1 October 2010 under Companies Act number 07183476. The Company aims to provide high-quality, innovative, and tailored care practices in response to the complex needs and challenging backgrounds of those in our care.

The Company operates two CQC-registered homes: Georgian House, registered for 43 residents, and Meadfoot View, registered for 14 residents. Both trade under the brand name CoActive Care and specialise in complex care, including mental health and complex physical disability conditions.

At the end of the financial year, Georgian House was awaiting its inspection from CQC and was still rated Requires Improvement in three domains and Good in two domains from its August 2022 Inspection. Meadfoot View was rated Good in all five domains. Following continued engagement and improvements, Georgian House was re-inspected in February 2025 and achieved a Good rating across all domains.

PRINCIPAL RISKS AND UNCERTAINTIES

Staffing

Recruitment and retention of qualified carers remain a key challenge across the care sector, directly impacting both cost and quality of care. The Company has invested significantly in recruitment, including sponsoring international staff and ensuring competitive pay levels. Retention remains high at over 85%, and headcount increased by 35% during the year. Agency use has reduced by more than 30%, reflecting improved recruitment stability.

Occupancy

The market for complex care is competitive, with local authority and NHS budgetary pressures influencing occupancy decisions. Despite longer decision-making times for new placements, the Company has maintained occupancy at 83% at Georgian House and increased occupancy from 68% to 83% at Meadfoot View. Demand for complex care remains strong, supporting expectations of future growth in occupancy and fees.

Regulatory Compliance

The Company’s operations are regulated by the Care Quality Commission (CQC) and Care Inspectorate (CI). Non-compliance carries significant consequences, and therefore the Company has established a robust audit system to monitor adherence to policies and regulations. Compliance frameworks are reviewed continuously, with policies updated to reflect changes. Ongoing service improvement plans are reviewed regularly by the Compliance Manager, management team, and directors.

Financial Risk

The Company maintains a low loan-to-value (LTV) profile, with secured bank loans of £1.02m against freehold assets. Director loans total £798k, with an additional £400k loan from a family member/management team. Given the strong asset base and retained profits, financial risk is considered low.

KEY PERFORMANCE INDICATORS

Turnover: £7.68m (2024) vs £6.02m (2023) ¨ +27.5% growth

Gross Profit: £3.25m (margin 42.4%) vs £2.42m (margin 40.2%)

Operating Profit: £1.84m vs £1.24m

Bed Occupancy: Georgian House stable at 83%; Meadfoot View improved from 68% to 83%

Wage Costs: £4.29m (55% of income), up 23.8% year-on-year due to a 35% increase in headcount (122 staff vs 90 in 2023).

DEVELOPMENT AND PERFORMANCE

The Company has a high-growth strategy for the next five years, underpinned by the planned completion of Spurfield House in February 2026. This new 24-bed residential complex care home will provide a unique setting with 1.5 acres of landscaped gardens, further strengthening the Company’s specialist care offering.

Growth plans also include refinancing existing bank debt to release liquidity, enabling further investment in new services and acquisitions. Investment in technology, workforce development, and compliance systems continues to support both current operations and future expansion.

While the care sector faces uncertainties related to recruitment costs, regulatory changes, and local authority funding pressures, the Company’s long-term investment strategy and commitment to quality care provide a strong foundation for sustainable growth.

ON BEHALF OF THE BOARD:

J Feller - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing individualised residential care and support to adults with complex needs.

DIVIDENDS

No interim dividends were paid during the year end 30 September 2024.

The directors recommend final dividends per share as follows:

Ordinary A £1 shares

£1,010

Ordinary B £1 shares

£900

Ordinary C £1 shares

£nil

£2,000

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J Feller

E J Feller

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 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.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Feller - Director

30 September 2025

Opinion

We have audited the financial statements of Georgian House (Torquay) 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 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.

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.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- 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 most significant: The Companies Act 2006, UK corporate tax laws, Data Protection Act, Health and Safety, medicine and accident monitoring, medication regulations, recruitment legislation and Health Care Act.

- We obtained an understanding of how the Company are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.

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

-

Identifying and assessing the controls management has in place to prevent and detect fraud;

-

Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

Challenging assumptions and judgments made by management in its significant accounting estimates and judgments, in particular in relation to accruals, prepayments, depreciation, valuation of properties;

-

Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

-

Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 collusions.

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.

Other matters which we

required to address

The year end 30 September 2024 is the first year the company's financial statements have been audited. The comparative figures in these financial statements have not been audited.

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.

Jade Quaintance BA FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

30 September 2025

TURNOVER

7,679,727

6,020,010

Cost of sales

(4,424,909

)

(3,601,246

)

GROSS PROFIT

3,254,818

2,418,764

Administrative expenses

(1,545,538

)

(1,199,164

)

1,709,280

1,219,600

Other operating income

33,215

16,798

1,742,495

1,236,398

Interest receivable and similar income

-

204

1,742,495

1,236,602

Interest payable and similar expenses

4

(315,213

)

(233,812

)

PROFIT BEFORE TAXATION

5

1,427,282

1,002,790

Tax on profit

6

(385,999

)

(254,540

)

PROFIT FOR THE FINANCIAL YEAR

1,041,283

748,250

PROFIT FOR THE YEAR

1,041,283

748,250

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,041,283

748,250

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

7,968,870

6,625,868

Investment property

10

250,000

230,000

8,218,870

6,855,868

CURRENT ASSETS

Stocks

11

4,000

3,000

Debtors

12

1,998,212

3,003,528

Cash at bank and in hand

2,326

457

2,004,538

3,006,985

CREDITORS

Amounts falling due within one year

13

(3,892,446

)

(3,208,394

)

NET CURRENT LIABILITIES

(1,887,908

)

(201,409

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,330,962

6,654,459

CREDITORS

Amounts falling due after more than one year

14

(471,613

)

(1,850,489

)

PROVISIONS FOR LIABILITIES

18

(79,321

)

(63,225

)

NET ASSETS

5,780,028

4,740,745

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Non distributable reserves

20

103,593

103,593

Retained earnings

20

5,675,435

4,636,152

SHAREHOLDERS' FUNDS

5,780,028

4,740,745

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:

J Feller - Director

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 October 2022

1,000

3,759,700

237,795

3,998,495

Changes in equity

Profit for the year

-

748,250

-

748,250

Other comprehensive income

-

134,202

(134,202

)

-

Total comprehensive income

-

882,452

(134,202

)

748,250

Dividends

-

(6,000

)

-

(6,000

)

Balance at 30 September 2023

1,000

4,636,152

103,593

4,740,745

Changes in equity

Profit for the year

-

1,041,283

-

1,041,283

Total comprehensive income

-

1,041,283

-

1,041,283

Dividends

-

(2,000

)

-

(2,000

)

Balance at 30 September 2024

1,000

5,675,435

103,593

5,780,028

Cash flows from operating activities

Cash generated from operations

1

2,195,637

1,787,082

Interest paid

(312,700

)

(233,812

)

Interest element of hire purchase payments paid

(2,513

)

-

Tax paid

(196,267

)

(257,833

)

Net cash from operating activities

1,684,157

1,295,437

Cash flows from investing activities

Purchase of tangible fixed assets

(1,387,819

)

(1,815,553

)

Sale of investment property

-

200,500

Interest received

-

204

Net cash from investing activities

(1,387,819

)

(1,614,849

)

Cash flows from financing activities

New loans in year

-

195,436

Loan repayments in year

(327,040

)

-

Hire purchase repayments

(23,136

)

-

Equity dividends paid

(2,000

)

(6,000

)

Net cash from financing activities

(352,176

)

189,436

Decrease in cash and cash equivalents

(55,838

)

(129,976

)

Cash and cash equivalents at beginning of year

2

(157,035

)

(27,059

)

Cash and cash equivalents at end of year

2

(212,873

)

(157,035

)

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

2024

2023

£

£

Profit before taxation

1,427,282

1,002,790

Depreciation charges

153,612

117,368

Loss on disposal of fixed assets

-

65,484

Gain on revaluation of fixed assets

(20,000

)

-

Increase/(Decrease) in provisions

16,096

1,113

Finance costs

315,213

233,812

Finance income

-

(204

)

1,892,203

1,420,363

Increase in stocks

(1,000

)

-

Decrease/(increase) in trade and other debtors

1,005,317

(210,168

)

(Decrease)/increase in trade and other creditors

(700,883

)

576,887

Cash generated from operations

2,195,637

1,787,082

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

2,326

457

Bank overdrafts

(215,199

)

(157,492

)

(212,873

)

(157,035

)

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

457

268

Bank overdrafts

(157,492

)

(27,327

)

(157,035

)

(27,059

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23

Cash flow

At 30.9.24

£

£

£

Net cash

Cash at bank and in hand

457

1,869

2,326

Bank overdrafts

(157,492

)

(57,707

)

(215,199

)

(157,035

)

(55,838

)

(212,873

)

Debt

Finance leases

-

(85,659

)

(85,659

)

Debts falling due within 1 year

(663,900

)

(1,113,020

)

(1,776,920

)

Debts falling due after 1 year

(1,850,489

)

1,440,061

(410,428

)

(2,514,389

)

241,382

(2,273,007

)

Total

(2,671,424

)

185,544

(2,485,880

)

1.	COMPANY INFORMATION

Georgian House (Torquay) 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention with the exception of investment property which is held at a revalued amount.

The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on the going concern basis. The company is reliant on its directors, who have confirmed that they will continue to financially support the company for at least twelve months after the date of the approval of the statements.

Critical accounting judgements and key sources of estimation uncertainty

Other than depreciation deferred tax which are already covered within note 2 in the accounting policies note the key estimates and judgements included in the financial statements are:

Valuation of investment property

The investment property has been valued by Vickery Holman, a firm of professional commercial property consultants and surveyors, at the year end date.

Accruals and prepayments

Accruals and prepayments are based on information available at the time of approval of the financial

statements.

Turnover

Turnover represents the invoiced value of services provided by the company.

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

- 0% due to assets residual value

Leasehold improvements

- 10% on cost

Property improvements

- 0% due to assets residual value

Garden office

- 10% on cost

Plant and equipment

- 25% on cost

Fixtures & fittings

- 15% on cost

Caravan and motor vehicles

- between 8% and 25% on cost

Computer equipment

- 25% on cost

Freehold property is not depreciated since in the opinion of the directors, the amount would be immaterial owing to the residual value of the property. This is a departure from Financial Reporting Standard 102 (the requirement to depreciate an asset over its useful economic life).

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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

4,250,107

3,433,162

Other pension costs

57,545

48,938

4,307,652

3,482,100

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

2024

2023

Management

8

6

Administrative

7

6

Direct care

107

78

122

90

Employees earning over £60,000 during the year were as follows:

Salary banding

2024

2023

£60,000 - £70,000

1

1

2024

2023

£

£

Directors' remuneration

18,168

17,888

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

85,458

81,149

Loan interest

212,139

150,508

HMRC penalties and interest

15,103

2,155

HP interest

2,513

-

315,213

233,812