Mynydd Group Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

DIRECTORS:

A P Donnelly

B Donnelly

S G P Donnelly

J A Donnelly

A J Donnelly

REGISTERED OFFICE:

3 Oldfield Road

Bocam Park

Bridgend

CF35 5LJ

REGISTERED NUMBER:

09609886 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Lloyd Miller FCA

AUDITORS:

BPU Limited

Chartered Accountants

Statutory Auditor

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

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

PRINCIPAL ACTIVITIES

The principal activity of Mynydd Group Limited is that of a holding company.

The principal activity of React Support Services Limited is that of a specialist residential provider of high quality support and rehabilitation for vulnerable adults with learning disabilities and/or mental health difficulties.

The principal activity of Liberty Independent Living Limited is that of the rental of residential nursing care facilities.

REVIEW OF BUSINESS

The results for the year as set out in the profit and loss account show turnover for the year of £6,247,969 (2023: £5,476,689), with the liabilities of £5,127,098 (2023: £3,606,182) and net assets of £3,247,696 (2023: £2,492,076) being shown in the balance sheet. The directors consider the performance and financial position at the year end to be satisfactory.

The Group includes a leading specialist care provider for adults who are over the age of 18 with a mental health condition, learning disability, acquired brain injury or any other associated complex needs. Within the group we provide a range of bespoke residential and supported living services that enable the Individuals we support to lead fulfilled lives and achieve positive outcomes.

We are at the forefront of national best practice, have a great reputation and pride ourselves on offering the highest standards of person-centred support within safe and homely environments. By working in close partnership with the Individuals, families, and health professionals, we have successfully developed our services to meet the growing demands placed on adult services today.

Our mission is to improve lives. We achieve this by providing support that is safe, effective and focused on the individual's experience and their personal goals. Not only do we aim to meet the individual's needs but to exceed their expectations and to always ensure they have a voice and are heard.

We maintain and continually improve the effectiveness of our quality management system through committed and inspired leadership, the dedication of our staff and the embedding of our organisational values. At React, we strive for excellence in all aspects of operations, in the continual improvement of the quality of service we provide, and in the way we operate within the social care sector, and wider community.

We consider the maintenance of excellent inspection reports to be key to the success of the group this and achieving key levels of occupancy are the main performance indicators.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks to the business are the inspection reports and compliance with legislation and Care inspectorate Wales regulations both current and future. The Directors ensure compliance with these legislations by way of continuous monitoring.

THIS REPORT WAS APPROVED BY THE BOARD:

A P Donnelly - Director

29 September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £237,573 (£2023: £140,330).

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 P Donnelly

B Donnelly

Other changes in directors holding office are as follows:

S G P Donnelly - appointed 6 March 2024

J A Donnelly - appointed 6 March 2024

A J Donnelly - appointed 6 March 2024

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 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 group's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:

A P Donnelly - Director

29 September 2025

Opinion

We have audited the financial statements of Mynydd Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit & Loss Account, 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 matter

The prior year figures are unaudited.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks 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.

The laws and regulations that we determined were most significant to the company were the Companies Act 2006, UK Corporate Tax Laws, Employment Law, Health and Safety, and Regulation and Inspection of Social Care (Wales) Act 2016.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

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.

Andrew Lloyd Miller FCA (Senior Statutory Auditor)

for and on behalf of BPU Limited

Chartered Accountants

Statutory Auditor

29 September 2025

TURNOVER

6,247,969

5,476,689

Administrative expenses

(5,121,616

)

(4,509,969

)

OPERATING PROFIT

3

1,126,353

966,720

Interest receivable & similar income

7,900

4,192

1,134,253

970,912

Interest payable and similar expenses

4

(201,199

)

(166,634

)

PROFIT BEFORE TAXATION

933,054

804,278

Tax on profit

5

(286,776

)

(242,689

)

PROFIT FOR THE FINANCIAL YEAR

646,278

561,589

OTHER COMPREHENSIVE INCOME

Revaluation of freehold properties

414,515

-

Income tax relating to other comprehensive income

(67,600

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

346,915

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

993,193

561,589

Profit attributable to:

Owners of the parent

646,278

561,589

Total comprehensive income attributable to:

Owners of the parent

993,193

561,589

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

6,430,736

4,658,676

Investments

10

-

-

6,430,736

4,658,676

CURRENT ASSETS

Stocks

11

1,073

3,397

Debtors

12

988,802

1,015,605

Cash at bank and in hand

954,183

420,579

1,944,058

1,439,581

CREDITORS

Amounts falling due within one year

13

878,931

868,657

NET CURRENT ASSETS

1,065,127

570,924

TOTAL ASSETS LESS CURRENT LIABILITIES

7,495,863

5,229,600

CREDITORS

Amounts falling due after more than one year

14

(3,969,167

)

(2,576,224

)

PROVISIONS FOR LIABILITIES

18

(279,000

)

(161,300

)

NET ASSETS

3,247,696

2,492,076

CAPITAL AND RESERVES

Called up share capital

19

85

85

Revaluation reserve

620,053

255,062

Merger reserve

849,915

849,915

Retained earnings

1,777,643

1,387,014

SHAREHOLDERS' FUNDS

3,247,696

2,492,076

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A P Donnelly - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

159,881

159,881

159,881

159,881

TOTAL ASSETS LESS CURRENT LIABILITIES

159,881

159,881

CAPITAL AND RESERVES

Called up share capital

19

85

85

Retained earnings

159,796

159,796

SHAREHOLDERS' FUNDS

159,881

159,881

Company's profit for the financial year

237,573

140,330

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A P Donnelly - Director

Called up

share

Retained

Revaluation

Merger

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

85

943,033

277,784

849,915

2,070,817

Changes in equity

Dividends

-

(140,330

)

-

-

(140,330

)

Total comprehensive income

-

584,311

(22,722

)

-

561,589

Balance at 31 December 2023

85

1,387,014

255,062

849,915

2,492,076

Changes in equity

Dividends

-

(237,573

)

-

-

(237,573

)

Total comprehensive income

-

628,202

364,991

-

993,193

Balance at 31 December 2024

85

1,777,643

620,053

849,915

3,247,696

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

85

159,796

159,881

Changes in equity

Total comprehensive income

-

140,330

140,330

Dividends

-

(140,330

)

(140,330

)

Balance at 31 December 2023

85

159,796

159,881

Changes in equity

Total comprehensive income

-

237,573

237,573

Dividends

-

(237,573

)

(237,573

)

Balance at 31 December 2024

85

159,796

159,881

Cash flows from operating activities

Cash generated from operations

1

1,431,665

987,074

Interest paid

(200,109

)

(166,634

)

Interest element of hire purchase payments paid

(1,090

)

-

Tax paid

(312,378

)

(119,000

)

Net cash from operating activities

918,088

701,440

Cash flows from investing activities

Purchase of tangible fixed assets

(1,655,198

)

(996,738

)

Sale of tangible fixed assets

60,600

-

Interest received

7,900

4,192

Net cash from investing activities

(1,586,698

)

(992,546

)

Cash flows from financing activities

New loans in year

1,610,000

700,000

Loan repayments in year

(170,213

)

(241,213

)

Equity dividends paid

(237,573

)

(140,330

)

Net cash from financing activities

1,202,214

318,457

Increase in cash and cash equivalents

533,604

27,351

Cash and cash equivalents at beginning of year

2

420,579

393,228

Cash and cash equivalents at end of year

2

954,183

420,579

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

2024

2023

(Unaudited)

£

£

Profit before taxation

933,054

804,278

Depreciation charges

297,653

298,444

Profit on disposal of fixed assets

(60,600

)

-

Finance costs

201,199

166,634

Finance income

(7,900

)

(4,192

)

1,363,406

1,265,164

Decrease/(increase) in stocks

2,324

(1,397

)

Decrease in trade and other debtors

26,803

65,396

Increase/(decrease) in trade and other creditors

39,132

(342,089

)

Cash generated from operations

1,431,665

987,074

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

954,183

420,579

Year ended 31 December 2023

31/12/23

1/1/23

(Unaudited)

£

£

Cash and cash equivalents

420,579

393,228

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

420,579

533,604

954,183

420,579

533,604

954,183

Debt

Finance leases

-

(46,200

)

(46,200

)

Debts falling due within 1 year

(286,388

)

(36,764

)

(323,152

)

Debts falling due after 1 year

(2,576,224

)

(1,356,823

)

(3,933,047

)

(2,862,612

)

(1,439,787

)

(4,302,399

)

Total

(2,442,033

)

(906,183

)

(3,348,216

)

1.	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.

Turnover

Turnover represents net invoiced sales of specialist residential care services.

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 each asset over its estimated useful life.

Freehold property

-

2% straight line

Long leasehold

-

2% straight line

Improvements to property

-

10% straight line

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% straight line

Computer equipment

-

33% straight line

Freehold property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income.

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 Profit & Loss Account, 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.

Pension costs

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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2.	EMPLOYEES AND DIRECTORS

2024

2023

(Unaudited)

£

£

Wages and salaries

3,040,376

2,573,347

Social security costs

276,314

199,046

Other pension costs

188,808

132,183

3,505,498

2,904,576

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

2024

2023

(Unaudited)

114

107

2024

2023

(Unaudited)

£

£

Directors' remuneration

90,559

19,396

Directors' pension contributions to money purchase schemes

125,850

78,730

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information in relation to the highest paid director is as follows:

2024

£

Emoluments etc

76,592

Total compensation paid to key management personnel, excluding the directors, was as follows:

2024

2023

£

£

Total compensation

256,149

146,385

3.	OPERATING PROFIT

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

2024

2023

(Unaudited)

£

£

Depreciation - owned assets

297,653

257,120

Profit on disposal of fixed assets

(60,600

)

-

Goodwill amortisation

-

41,324

Audit fees

22,471

-

Auditors' remuneration for non audit work

12,846

-

Other operating leases

100,226

93,292